In the fourth week of October, settlement prices for Brent oil futures in the ICE market fluctuated around $75 per barrel. The lowest price was recorded on Monday, October 21, at $74.29/bbl, while the highest price reached $76.05/bbl on Friday, October 25, marking a 4.1% increase compared to the previous Friday, AleaSoft reports.
Concerns about potential supply disruptions due to the ongoing conflict in the Middle East drove prices upward. However, persistent worries about demand—despite measures taken by the Chinese government to bolster the economy—contributed to price declines in some trading sessions throughout the week.
For TTF gas futures in the ICE market, there was a notable upward trend, with prices surpassing €40/MWh. The weekly minimum was €40.02/MWh on October 21, while the maximum settled at €43.51/MWh on October 25, reflecting an 11% increase from the previous Friday and marking the highest price since November 28, 2023.
The rising prices of TTF gas futures were largely influenced by fears regarding supply impacts from the Middle East, despite high European gas reserve levels.
Regarding CO2 emission allowance futures in the EEX market for the December 2024 reference contract, prices initially dipped by 0.8% to €61.76/t on October 21. However, they rebounded throughout the week, culminating in a maximum settlement price of €66.97/t on October 25. This represents a 7.5% increase compared to the previous Friday and the highest price observed since September 5, AleaSoft reports.
