During the last week of January, Brent oil futures for the Front Month on the ICE market reached a weekly low of $65.59/bbl on Monday, January 26. Prices then climbed steadily, peaking at $70.71/bbl on Thursday, January 29—the highest settlement since August 1, 2025—before slightly declining to $70.69/bbl on Friday, January 30, still 7.3% higher than the previous Friday. Rising tensions between the United States and Iran, alongside a weaker dollar, supported this increase, while OPEC+ decided on February 1 to maintain the pause in March production increases.
TTF gas futures for the Front Month on ICE stayed above €38/MWh throughout the week. They reached a weekly low of €38.09/MWh on Tuesday, January 27, and climbed to a weekly high of €40.11/MWh on Thursday, January 29—the highest level since June 24, 2025. Prices fell slightly to €39.29/MWh on Friday, 1.9% higher than the previous Friday. Low European storage, supply disruptions in the United States, and Middle East tensions contributed to the price rise, while the partial recovery of US supply helped ease prices at the week’s end.
CO₂ emission allowance futures on the EEX market for December 2026 remained below €90/t, reaching a weekly maximum of €88.37/t on Tuesday, January 27, before dropping to a weekly minimum of €81.26/t on Friday, January 30. This marked the lowest settlement since November 1, 2025, and an 8.1% decline from the previous Friday.
The week highlighted how geopolitical tensions, supply dynamics, and market fundamentals continue to drive volatility across energy commodities, AleaSoft reports.
