Brent crude oil futures for the front-month contract on the ICE market recorded their weekly low settlement price of $99.25/bbl on Tuesday, September 22, following five consecutive sessions of declines. According to data analyzed by AleaSoft Energy Forecasting, this was the lowest settlement price since September 9. Prices subsequently recovered, reaching a weekly high of $106.60/bbl on Thursday, September 24. By Friday, September 25, Brent settled at $104.32/bbl, 0.4% higher than the previous Friday.
At the start of the week, US President’s offer to meet with Iran’s president during the United Nations General Assembly contributed to downward pressure on oil prices. However, Iran’s refusal to accept US demands pushed prices higher on September 23. The following day, Yemen’s Houthis launched missiles toward Saudi Arabia, while a senior Iranian military official warned that Iran could extend the conflict to the Indian Ocean if another country attacked it. These developments drove Brent to its weekly peak. On Friday, Iran’s proposal for an interim agreement that would include reopening the Strait of Hormuz within seven days contributed to a decline in prices.
Front-month TTF gas futures on the ICE market settled at €73.25/MWh on Monday, September 21, 7.9% below the previous Friday’s level. Prices reached their weekly low of €72.01/MWh on September 23, the lowest level since September 5, according to AleaSoft Energy Forecasting. On Thursday, September 24, prices increased by 4.3% to reach a weekly high of €75.11/MWh. By Friday, September 25, the settlement price had fallen to €72.07/MWh, 9.4% below the previous Friday’s level.
Expectations surrounding talks between the United States and Iran on the gradual reopening of the Strait of Hormuz, combined with a rise in the number of vessels using alternative routes, contributed to lower European gas prices. However, European Union gas storage facilities were around 70% full, remaining below the seasonal five-year average.
Meanwhile, futures for CO2 emission allowances under the December 2026 reference contract on the EEX market remained above €86/t throughout the fourth week of September. The weekly low settlement price was €86.03/t on September 23, while the weekly high reached €86.97/t on Thursday, September 24. On Friday, September 25, the contract settled at €86.79/t, just 0.1% below the previous Friday’s level, AleaSoft reports.
