Brent front-month futures stay above $60
In the second week of January, Brent front-month futures traded above $60/bbl for almost the entire period. The only exception came on January 7, when prices dropped to a weekly minimum of $59.96/bbl. By January 9, the contract reached a weekly maximum of $63.34/bbl, up 4.3% from the previous Friday and the highest level since early December 2025.
Geopolitical factors were cited as key drivers behind the rise, including uncertainty around Venezuela. The week also saw an announcement of new US sanctions on buyers of Russian oil, alongside concerns that instability in Iran could affect future supply. Prices remained above $60/bbl for most of the week, while a temporary dip occurred after news that Venezuela would deliver 30–50 million barrels of oil to the United States.
TTF front-month futures fall then recover
In the gas market, TTF front-month futures opened the week with a decline of 5.5% versus the previous Friday. On Monday, January 5, prices reached a weekly low of €27.40/MWh. After that point, the market recovered and peaked on January 7 at €28.78/MWh.
In the final two sessions of the week, prices eased again. By Friday, January 9, the settlement price was €28.13/MWh, which was 3.0% lower than a week earlier.
LNG supply concerns and weather outlook shape gas pricing
Gas prices were supported by concerns over LNG supply security and European storage levels below 55%. Despite this upward pressure, forecasts for milder weather in the coming days limited gains. As a result, prices stayed below €29/MWh.
EEX December 2026 CO2 allowances rise to new highs
CO₂ emission allowance futures for the December 2026 contract on the EEX market moved higher over the week. On Monday, January 5, they recorded a weekly minimum of €87.25/t. From there, prices increased steadily through the rest of the trading period.
By Friday, January 9, prices reached €89.56/t, up 1.4% from the previous Friday. The level was reported as the highest since at least the end of December 2023, according to AleaSoft.