Brent oil futures for the Front Month on the ICE market declined in most sessions during the fourth week of July, marking the second consecutive week of losses. The only exception was Thursday, July 24, when the settlement price rose by 1.0% compared to the previous day. The weekly high was recorded on Monday, July 21, at $69.21 per barrel, while the lowest settlement price was seen on Friday, July 25, at $68.44 per barrel. According to data from AleaSoft Energy Forecasting, this final price was 1.2% lower than the settlement price from the previous Friday.
The decline in Brent oil futures during this period was largely attributed to rising global supply and indications of weakening demand. OPEC+ confirmed plans to increase production starting in August, reinforcing expectations of a more saturated market and adding downward pressure on prices. Trade tensions between the United States and the European Union, along with the possibility of new tariffs, raised concerns over an economic slowdown, further affecting global energy consumption forecasts. Additionally, progress in diplomatic relations between Venezuela and the United States raised the prospect of increased Venezuelan oil exports, contributing to concerns over short-term oversupply.
TTF gas futures for the Front Month on the ICE market followed a similar downward trend. The highest settlement price of the week was recorded on Monday, July 21, at €33.16 per megawatt-hour. Prices steadily declined throughout the week, except on Friday, July 25, when they increased by 0.4% compared to the previous day. The lowest settlement price of the week was €32.36/MWh, registered on Thursday, July 24. The settlement price on Friday, July 25, was €32.50/MWh, representing a 3.3% decline from the previous Friday. The weekly average price dropped by 5.1% compared to the week before.
This decline in TTF gas futures was influenced by an increase in liquefied natural gas (LNG) supply in Europe, resulting from higher imports and moderate demand in Asia. High storage levels and no immediate signs of market stress further supported the downward trend. In addition, spot LNG prices in Asia fell to their lowest levels in over two months, reducing competition for European LNG and contributing to the overall price drop.
On the EEX market, CO₂ emission allowance futures for the December 2025 reference contract began the week with a settlement price 0.1% lower than the previous Friday. The downward trend continued until July 22, when prices hit a weekly low of €69.82 per ton. However, prices began to recover and closed the week on Friday, July 25, at €71.35 per ton, marking the weekly high. According to AleaSoft Energy Forecasting, this final settlement price was 2.1% higher than the price recorded on the previous Friday, AleaSoft reports.
