In the third week of January 2025, Brent oil futures saw an increase, surpassing $80 per barrel in most sessions, with the exception of Tuesday, January 14, when prices dipped to their weekly minimum of $79.92/bbl. On January 15, prices surged by 2.6% to reach their weekly maximum of $82.03/bbl, the highest since August 13, 2024. By Friday, January 17, the settlement price was $80.79/bbl, marking a 1.3% rise compared to the previous Friday.
The rise in Brent oil prices was largely driven by supply concerns related to sanctions on Russian oil and potential future sanctions on Iranian and Venezuelan oil. However, the easing of Middle East tensions, following a ceasefire agreement between Israel and Hamas, contributed to a price decline in the latter part of the week.
Meanwhile, TTF gas futures in the ICE market saw fluctuations, with a 7.2% rise on Monday, January 13, reaching their weekly maximum of €48.26/MWh, the highest since January 4, 2025. By Thursday, January 16, the settlement price fell to its weekly minimum of €46.24/MWh, but on Friday, January 17, prices climbed back to €46.89/MWh, a 1.4% increase from the previous day and 4.2% higher than the prior Friday. The steady prices above €46/MWh were influenced by colder temperatures and reduced European gas reserves.
Lastly, CO2 emission allowance futures for the reference contract of December 2025 saw a steady upward trend throughout the week. On Monday, January 13, they registered a weekly minimum of €76.92/t, already 2.8% higher than the previous Friday. By Friday, January 17, the settlement price rose to €79.26/t, a 5.9% increase from the prior Friday, marking the highest price since May 28, 2024, AleaSoft reports.
