During the last week of April, Brent crude oil futures for the Front Month on the ICE market followed a volatile upward trend before reversing in the final sessions. On April 29, prices reached the weekly peak at $118.03/bbl, the highest level since April 1, according to data analyzed by AleaSoft Energy Forecasting. However, prices declined in the last two trading days, falling to a weekly low of $108.17/bbl on May 1. Despite this correction, the closing level remained 2.7% higher than the previous week.
Market sentiment continued to be strongly influenced by geopolitical tensions, particularly developments in the conflict between the United States and Iran. At the same time, OPEC+ announced on May 3 that it would proceed with increased production in June, even as the United Arab Emirates exited the organization on May 1. Nevertheless, supply risks from the Persian Gulf region remain elevated due to ongoing geopolitical uncertainty.
TTF natural gas futures for the Front Month on the ICE market also experienced volatility. Prices opened the week with a downward move, reaching a weekly low of €43.59/MWh on April 28. The following day, they rebounded sharply by 7.5%, reaching a weekly high of €46.85/MWh. Prices then eased slightly but remained above €45/MWh, closing the week at €45.77/MWh, which was 2.0% higher than the previous Friday.
Gas markets remained supported by geopolitical risk linked to the US–Iran conflict, while European gas storage levels continued to hover below 35%, adding further price pressure.
Meanwhile, CO₂ emission allowance futures (EEX, December 2026 contract) traded mostly below €75/t during the week. The weekly peak was recorded on April 28 at €75.13/t, followed by a decline to €73.22/t on April 29, the weekly low. Prices recovered slightly to €73.80/t on April 30, still ending the week 1.5% lower than the previous week’s final session, reflecting moderate downward pressure in the carbon market, AleaSoft reports.
