During the second week of March, oil, gas, and CO2 futures prices experienced fluctuations due to a mix of global economic concerns and geopolitical tensions.
Brent oil futures for the Front Month in the ICE market reached their weekly low on Monday, March 10, settling at $69.28 per barrel, the lowest price since September 11, 2024. Following this, prices increased steadily until March 12, when they peaked at $70.95 per barrel. After a 1.5% drop on Thursday, prices rebounded on Friday, March 14, ending the week at $70.58 per barrel, 0.3% higher than the previous Friday.
Throughout the week, market concerns about the potential impact of US policies on the global economy and oil demand persisted. However, ongoing difficulties in achieving a ceasefire in Ukraine led to a price recovery towards the end of the week.
In the European gas market, TTF gas futures for the Front Month in the ICE market also saw significant price movements. On March 10, the settlement price reached a weekly low of €41.23 per MWh, which was 3.2% higher than the previous week’s closing price. Prices continued to rise on March 12, reaching a peak of €42.71 per MWh. By Friday, March 14, the settlement price stood at €42.29 per MWh, reflecting a 5.8% increase from the previous Friday. This price spike was driven by declining temperatures and low gas reserves across Europe.
As for CO2 emission allowance futures in the EEX market for the December 2025 reference contract, prices rose throughout most of the second week, except on Tuesday, when they reached their lowest point at €68.24 per ton. By Friday, March 14, the price had surged to €70.99 per ton, marking a 3.4% increase from the previous Friday.
In summary, the second week of March saw oil, gas, and CO2 futures experiencing volatility, influenced by geopolitical factors, weather conditions, and global policy concerns, AleaSoft reports.
