In the first week of December, Brent oil Front Month futures on the ICE market reached their weekly minimum settlement price of $62.45/bbl on Tuesday, December 2, the lowest level since October 22. Prices then recovered, with the weekly maximum hitting $63.75/bbl on Friday, December 5, 0.9% higher than the previous Friday. After a 2.0% decline, the settlement price on Monday, December 8 was $62.49/bbl.
At the start of December, peace talks in Ukraine exerted downward pressure on Brent prices. However, lack of progress in negotiations and Ukrainian attacks on Russian oil infrastructure contributed to price increases late in the first week. Additionally, rising US–Venezuela tensions and the possibility of US interest rate cuts, which could boost demand, supported the recovery of prices.
Conversely, increased Iraqi production and demand concerns pushed Brent prices down at the start of the second week. Reports from the International Energy Agency and OPEC+ on demand evolution are expected this week.
For TTF gas Front Month futures on the ICE market, the downward trend from the previous week continued. On Monday, December 1, the weekly maximum settlement price was €28.23/MWh. After a 4.0% decline on Thursday, December 4, the weekly minimum reached €27.09/MWh, the lowest since April 6, 2024. A slight rebound followed on Friday, December 5, at €27.27/MWh, 5.4% lower than the previous Friday. By Monday, December 8, the price fell further to €26.87/MWh, remaining above April 5, 2024 levels.
The decline in TTF gas prices was supported by strong flows from Norway, abundant LNG supplies, and milder temperature forecasts. Ukraine peace negotiations also continued to apply downward pressure.
Regarding CO₂ emission allowance futures on the EEX market for the December 2026 reference contract, settlement prices stayed below €85/t in the first week of December. The weekly maximum was €84.85/t on Monday, December 1, and the weekly minimum was €84.00/t on Wednesday, December 3. By Friday, December 5, the settlement price was €84.19/t, 1.5% lower than the previous Friday, AleaSoft reports.
