During the week of January 19, Brent oil futures for the Front Month on the ICE market remained largely stable compared to the previous week. The week opened with a settlement price of $63.94/bbl, which also marked the weekly minimum, 0.3% below the previous Friday’s settlement. Prices rose over the next two days to $65.24/bbl, before dropping to $64.06/bbl on Thursday, 1.8% lower than the prior day. The weekly high came on Friday, January 23, when Brent settled at $65.88/bbl, an increase of 2.7% compared to the previous Friday.
Geopolitical tensions in the Middle East, particularly regarding Iran, continued to influence Brent prices, maintaining a moderate risk premium. Although no supply disruptions occurred, ongoing sanctions and military movements kept traders cautious. Signs of de-escalation in U.S. rhetoric, along with the absence of new major incidents, limited price rebounds. Inventory data and global supply expectations contributed to keeping prices at levels similar to the previous week, without a clear trend.
TTF gas futures for the Front Month on the ICE market rose above previous week levels. On Monday, January 19, the settlement price was €35.40/MWh, 4.0% lower than the previous Friday and marking the weekly minimum. Prices then trended upward, reaching a weekly high of €40.04/MWh on Friday, January 23, an 8.6% increase compared to the previous Friday, and the highest level since June 24, 2025. Forecasts of colder temperatures in Europe and relatively low gas storage levels (around 45%), along with supply concerns, geopolitical uncertainties, and expectations of higher global demand, supported the upward momentum.
Regarding CO₂ emission allowance futures in the EEX market for the December 2026 contract, the week opened at €88.16/t on Monday, January 19, 4.2% below the previous Friday. Prices hit a weekly low of €84.94/t on Tuesday, 3.7% lower than Monday, before recovering to a weekly high of €88.48/t on Thursday, still 3.9% below the prior Friday. On Friday, January 23, the settlement price slightly declined by 0.1% to €88.41/t, AleaSoft reports.