During the week of December 15, Brent crude oil futures for the Front Month on the ICE market experienced fluctuations, reaching their weekly maximum settlement price of $60.56 per barrel on Monday, December 15. This represented a slight 0.9% decline compared to the last session of the previous week. Prices continued to fall, hitting the weekly minimum of $58.92 per barrel on Tuesday, December 16, the lowest level since February 5, 2021. From December 17 onward, Brent prices began to recover, closing on Friday, December 19, at $60.47 per barrel, still 1.1% lower than the previous Friday.
The early-week decline was driven by expectations that the end of the war in Ukraine could increase Russian oil supply, coupled with high global inventories. Additionally, weaker-than-expected economic data from China raised concerns about future demand. The subsequent price recovery was supported by geopolitical tensions between the U.S. and Venezuela and Ukrainian attacks on Russian oil infrastructure, which limited supply.
In the TTF gas market, Front Month futures on ICE reached a weekly minimum of €26.76/MWh on Tuesday, December 16. Prices then rose over the last three sessions, reaching the weekly maximum of €28.16/MWh on Friday, December 19, up 1.7% from the previous Friday. Early-week pressure on TTF prices stemmed from high gas flows from Norway, abundant LNG supply, and expectations that sanctions on Russian gas could be lifted if the war ended. Later recovery was supported by forecasts of colder temperatures, reduced wind energy production in January, and the shutdown of a Freeport LNG train.
For CO₂ emission allowance futures in the EEX market, referencing the December 2026 contract, settlement prices remained above €86/t throughout the week. The weekly high of €87.36/t occurred on Tuesday, December 16, marking the highest level since at least October 1, 2024. Prices then declined to the weekly minimum of €86.50/t on Thursday, December 18, before slightly rebounding to €87.05/t on Friday, December 19, representing a 1.2% increase compared to the previous week.
Overall, mid-December trading reflected a mix of geopolitical risks, supply dynamics, and weather-related factors, creating volatility across oil, gas, and carbon markets, AleaSoft reports.
