Brent oil futures for the Front Month in the ICE market began the first week of December with a downward trend. However, after a 2.5% increase from the previous day, these futures reached their weekly peak settlement price of $73.62 per barrel on Tuesday, December 3. Prices then declined, and by Friday, December 6, they had dropped to their weekly lowest settlement price of $71.12 per barrel. This marked a 2.5% decrease compared to the previous Friday, the lowest level since November 16.
Throughout the first week of December, concerns about demand continued to weigh on the market. Despite ongoing tensions in the Middle East and OPEC+’s decision to maintain production cuts, most sessions during the week saw Brent oil futures decline in price.
On the other hand, TTF gas futures for the Front Month in the ICE market started the week with a rise. On Monday, December 2, these futures reached their weekly maximum settlement price of €48.66/MWh, the highest since October 31, 2023. However, prices began to fall as the week progressed, and by Friday, December 6, they had settled at €46.48/MWh, a 2.8% decrease from the previous Friday.
The increase in TTF gas prices early in the week was driven by forecasts of cold weather and concerns over Russian gas supplies. However, the availability of abundant liquefied natural gas (LNG) contributed to the price decline as the week continued.
Meanwhile, CO2 emission allowance futures in the EEX market for the December 2024 reference contract began the week with a slight price increase compared to the last session of the previous week. On Monday, December 2, these futures reached their weekly maximum settlement price of €68.83 per ton. Prices then fell, and by Thursday, December 5, they had reached their weekly lowest settlement price of €67.34 per ton, the lowest level since November 14. On Friday, December 6, prices rebounded by 1.4% from Thursday’s low, settling at €68.31 per ton, just 0.1% lower than the previous Friday’s price, AleaSoft reports.
