During the second week of February, Brent oil futures for the Front Month in the ICE market reached their highest settlement price of the week on Tuesday, February 11, at $77.00/bbl. This marked the highest price since late January. However, in the following days, prices began to decline. By Friday, February 14, Brent oil futures closed at $74.74/bbl, the lowest settlement price of the week, though this was still 0.1% higher than the previous Friday.
The decline in oil prices was driven by ongoing concerns over the potential impact of U.S. tariff policies on global oil demand. Additionally, an increase in U.S. oil reserves weighed on prices, along with speculation that peace negotiations in Ukraine could lead to an increase in Russian oil supply.
Meanwhile, TTF gas futures in the ICE market for the Front Month began the week with a continued upward trend from the previous week. On Monday, February 10, TTF gas futures reached their weekly peak at €58.04/MWh, the highest price since February 7, 2023. However, in the following sessions, prices dropped. By Friday, February 14, the futures had fallen to €50.68/MWh, marking a 9.0% decrease compared to the previous Friday.
The decline in TTF gas futures was influenced by higher temperatures and an increase in the supply of liquefied natural gas (LNG), both of which helped slow the decline in European gas reserves. Additionally, the proposal from Germany, France, and Italy to ease gas storage requirements for the upcoming winter also put downward pressure on gas prices. The prospect of a peaceful resolution to the war in Ukraine, which could lead to increased Russian gas supply, also contributed to the price decline.
CO2 emission allowance futures for the December 2025 reference contract on the EEX market reached their highest settlement price of the week, €82.94/t, on Monday, February 10. This was the highest price observed during the first half of February. Prices then declined, reaching their weekly low of €78.05/t on Thursday, February 13. A slight recovery was seen on Friday, February 14, with the price settling at €79.75/t, still 3.1% lower than the previous Friday.
In summary, the second week of February saw fluctuations in the prices of Brent oil, TTF gas, and CO2 emission allowances, driven by a mix of geopolitical developments, supply concerns, and market forecasts, AleaSoft reports.
