During the second week of December, Brent oil futures for the Front Month on the ICE market reached their weekly maximum settlement price of $62.49/bbl on Monday, December 8, already 2.0% lower than the last session of the previous week. Prices continued to decline through most trading sessions, hitting a weekly minimum settlement price of $61.12/bbl on Friday, December 12, which was 4.1% lower than the previous Friday and the lowest level since October 21. Contributing factors to the decline included rising Iraqi oil production, ongoing peace negotiations in Ukraine, tensions between the United States and Venezuela, and concerns about potential oversupply in 2026, projected by the International Energy Agency to reach record levels.
In the TTF gas market, Front Month futures on the ICE market mostly traded below €27.50/MWh during the week. The minimum settlement price of €26.60/MWh occurred on Wednesday, December 10, marking the lowest level since April 5, 2024. Prices rebounded on Thursday and Friday, reaching a weekly maximum settlement price of €27.68/MWh on December 12, 1.5% higher than the previous Friday. Peace talks in Ukraine and ample liquefied natural gas (LNG) supply continued to exert downward pressure on TTF futures earlier in the week.
Regarding CO₂ emission allowance futures on the EEX market for the December 2026 contract, prices remained above €84/t throughout the second week of December. The weekly minimum settlement price of €84.23/t was recorded on Monday, December 8, while the maximum settlement price of €86.20/t occurred on Thursday, December 11, the highest level since February 1. On Friday, December 12, the settlement price slightly decreased to €86.06/t, remaining 2.2% higher than the previous Friday.
Overall, the second week of December was characterized by declining oil and gas prices influenced by market fundamentals and geopolitical developments, while carbon allowance prices continued to climb, reflecting tightening supply and regulatory dynamics in the EU emissions market, AleaSoft reports.
