On Tuesday, September 15, Brent crude oil futures for the front-month contract on the ICE market reached a weekly settlement high of $108.75/bbl. According to data analyzed by AleaSoft Energy Forecasting, this was the highest settlement price since May 20. Prices subsequently declined, reaching a weekly low of $103.87/bbl on Friday, September 18, down 0.7% from the previous Friday.
Brent futures remained above $100/bbl throughout the third week of September, amid the war between the United States and Iran and severe restrictions on oil transit through the Strait of Hormuz. Drone attacks that damaged Saudi Arabia’s East-West oil pipeline pushed prices to the weekly high on September 15, representing a 2.9% increase from the previous session. Prices subsequently declined to the weekly low on September 18 after Saudi Arabia announced plans to route additional crude through Oman and the Strait of Hormuz, easing some concerns over disruptions to Saudi oil supplies.
Meanwhile, TTF natural gas futures for the front-month contract on the ICE market reached a weekly settlement high of €82.57/MWh on Monday, September 14. According to AleaSoft Energy Forecasting, this was the highest level since December 30, 2022. Prices declined through Thursday, September 17, when they reached a weekly low of €76.35/MWh. Following a 4.1% increase from the previous session, the settlement price rose to €79.52/MWh on Friday, September 18, matching the level recorded the previous Friday.
The war between the United States and Iran continued to constrain LNG supplies from the Persian Gulf, while strong demand in Asia increased competition for available cargoes. At the same time, EU gas storage facilities were around 68% full in mid-September, below the five-year average of 84%. However, the end of a strike at France’s Dunkirk LNG terminal contributed to the weekly price low recorded on Thursday.
As for CO₂ emission allowance futures on the EEX market, the December 2026 reference contract reached a weekly settlement high of €87.99/t on Monday, September 14. According to data analyzed by AleaSoft Energy Forecasting, this was the highest level since January 28. Prices subsequently declined to a weekly low of €84.76/t on September 16. However, settlement prices moved back above €86/t during the final two sessions of the week. On Friday, September 18, the settlement price reached €86.89/t, up 1.6% from the previous Friday, AleaSoft reports.
