During the third week of May, Brent crude oil futures for the Front Month on the ICE market consistently settled above $65 per barrel in most trading sessions. The highest settlement price of the week was recorded on Tuesday, May 13, at $66.63 per barrel—the highest level since April 26. However, prices began to decline afterward, reaching a weekly low of $64.53 per barrel on Thursday, May 15. By Friday, May 16, prices had recovered slightly by 1.4% from the previous day, settling at $65.41 per barrel, which was 2.3% higher than the previous Friday.
The increase in prices during the week was partly driven by optimism surrounding trade relations between China and the United States. However, potential developments such as a U.S.–Iran nuclear agreement—likely to result in the lifting of sanctions on Iranian oil exports—and expected production increases from OPEC+ acted as downward pressures, curbing further gains.
In the TTF gas futures market on the ICE platform, prices for the Front Month remained above €35 per megawatt-hour throughout the same week. On Tuesday, May 13, these futures reached a weekly high of €35.74/MWh, the highest since April 9. A day later, on May 14, prices dropped by 1.9%, hitting a weekly low of €35.05/MWh. Prices remained below €35.50/MWh for the remainder of the week. On Friday, May 16, the settlement price was €35.16/MWh, up 1.6% from the previous Friday.
Factors influencing the upward pressure on gas prices included the ongoing lack of progress in peace talks between Russia and Ukraine and forecasts predicting lower-than-average temperatures for northwest Europe starting May 22. Additionally, European gas reserves remain below last year’s levels, contributing to supply concerns.
Regarding carbon markets, CO₂ emission allowance futures for the December 2025 contract on the EEX market remained above €70 per ton during the week. On both May 12 and May 15, prices peaked at €73.41/t, the highest level since March 20. However, on Friday, May 16, prices declined by 3.3% compared to the previous day, settling at a weekly low of €70.99/t. Despite the drop, this price was still 0.9% higher than the close on the previous Friday, AleaSoft reports.
