During the third week of January, Brent oil futures for the Front Month on the ICE market continued the upward trend that began at the end of the previous week, reaching their weekly maximum settlement price of $66.52/bbl on Tuesday, January 14. According to AleaSoft Energy Forecasting, this was the highest Brent Front Month price since October 1, 2025. However, a 4.1% drop the following day, Thursday, January 15, led to the weekly minimum settlement price of $63.76/bbl. On Friday, January 16, the price rose slightly to $64.13/bbl, 1.2% higher than the previous Friday.
The price increase in Brent futures during the week was primarily driven by concerns over supply disruptions due to instability in Iran. These worries eased after statements from the US president, reducing fears of potential military actions in the Middle East, which contributed to the price drop on Thursday, January 15.
TTF gas futures for the Front Month on the ICE market also rose during the third week of January. On Monday, January 12, the weekly minimum settlement price was €30.25/MWh, while on Friday, January 16, the weekly maximum reached €36.88/MWh. This represented a 30% increase compared to the previous Friday and the highest TTF Front Month price since June 24, 2025.
The increase in TTF gas futures was supported by forecasts of lower temperatures toward the end of January, European storage levels at around 50%, disruptions to US LNG exports, supply concerns linked to instability in Iran, and expectations of higher Asian demand due to a cold snap.
Regarding CO₂ emission allowance futures on the EEX market for the December 2026 contract, prices started the week at a minimum settlement of €90.11/t on Monday, January 12, already 0.6% higher than the previous Friday. The upward trend continued, reaching a weekly maximum of €92.24/t on Thursday, January 15, the highest price since at least December 29, 2023. On Friday, January 16, the settlement price slightly decreased to €92.04/t, still 2.8% higher than the previous Friday.
Overall, the third week of January saw rising energy and carbon prices, driven by geopolitical risks, weather forecasts, and tight supply-demand balances across global markets, AleaSoft reports.