Brent crude oil futures on the ICE market exhibited volatility, with prices remaining below $70 per barrel. The highest settlement price for the week was recorded at $69.40 per barrel on February 11, while a subsequent drop on February 12 saw prices reach a low of $67.52 per barrel, marking a decrease of 2.7% from the previous day. By the end of the week on February 13, Brent prices slightly rebounded to $67.75 per barrel but remained 0.4% lower than the prior Friday’s figures. This fluctuation was influenced by ongoing geopolitical tensions in the Middle East, which initially supported higher prices early in the week. However, concerns regarding global oil demand tempered any significant increases, particularly after the International Energy Agency (IEA) issued a report forecasting potential oversupply by 2026 and revising down its oil demand projections. Additionally, comments from U.S. officials about negotiations with Iran suggested that supply fears could ease, contributing further to downward price pressure.
In parallel, TTF gas futures also displayed stability below €34 per megawatt-hour (MWh) throughout the same period. The week began with a peak at €33.50/MWh on February 9, which was already down by 6.2% compared to the previous Friday’s close. The lowest price for the week was observed on February 10 at €31.85/MWh, with prices stabilizing above €32/MWh for the remainder of the week and closing at €32.50/MWh on February 13—an overall reduction of 8.9% from the prior week’s end. The decline in TTF gas futures can be attributed to forecasts predicting milder weather conditions and an increase in U.S. liquefied natural gas (LNG) availability, suggesting an easing of supply constraints.
Further impacting market sentiment were developments in CO₂ emission allowance futures traded on the EEX market for December 2026 contracts. Prices peaked at €81.33 per ton on February 9 but experienced a downward trend throughout the week, closing at €70.70 per ton by February 13—this represented a significant drop of 10% from the previous Friday and marked the lowest levels seen since May 2025.
These trends across Brent oil, TTF gas futures, and CO₂ allowances highlight evolving market conditions driven by geopolitical factors and changing forecasts regarding supply and demand dynamics within Europe and beyond. As stakeholders navigate these fluctuations, understanding their implications will be critical for strategic decision-making in energy-related sectors across Southeast Europe and wider markets.
