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Europe: Weekly energy market update: August 12 – 18

Brent oil futures:

  • Monday, August 12: Brent oil futures for the Front-Month in the ICE market hit the week’s peak settlement price at $82.30 per barrel.
  • August 14: Prices fell to $79.76 per barrel.
  • Thursday, August 15: Prices rose by 1.6% but ended the week at $79.68 per barrel, marking the weekly low on Friday, August 16. Despite this drop, the average price for the week was 3.5% higher than the previous week.

Brent oil prices saw an increase during the third week of August, driven by easing recession fears in the U.S. and geopolitical concerns, including renewed discussions about the Gaza Strip and potential conflicts that could impact oil supply. This was despite a continued decrease in demand from the Chinese market.

TTF gas futures:

  • August 14: The lowest settlement price of the week was €38.97 per MWh.
  • August 16: Prices increased daily, reaching €39.64 per MWh by Friday. This was 1.9% lower than the previous Friday.

The weekly average price of TTF gas futures rose by 3.5% compared to the previous week. The minor decrease in prices toward the end of the week was influenced by reduced concerns over potential gas supply disruptions from Ukraine and Russian pipelines.

CO2 emission allowance futures:

  • Monday, August 12: Prices for the December 2024 reference contract peaked at €72.65 per tonne.
  • August 13: The lowest settlement price of the week was €71.29 per tonne.
  • Friday, August 16: Prices rebounded to €72.52 per tonne.

The weekly average settlement price for CO2 emission allowances was 2.9% higher than the previous week.

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