Europe’s energy commodity markets saw mixed movement in early June, with Brent oil futures, TTF natural gas and EEX EUA all changing over the first week. Brent traded on the ICE Front Month contract basis, while TTF was assessed on the ICE Front Month. CO2 price signals came from EEX EUA for the December 2026 contract. Data for the week were analyzed by AleaSoft Energy Forecasting.
Brent oil futures range between weekly highs and lows
In the first week of June, Brent futures showed an early upward move before reversing later in the week. On June 3, prices reached a weekly maximum settlement of $97.81/bbl, supported by geopolitical tensions. By Friday, June 5, Brent fell to a weekly minimum settlement of $93.09/bbl. Even with the decline, the final settlement remained 1.1% higher than the previous Friday.
The early rise was linked to heightened tensions in the Middle East and uncertainty around negotiations between the United States and Iran. Later developments introduced downward pressure after statements from the US president pointed to a potential agreement to keep the Strait of Hormuz open and extend the truce with Iran. At the same time, OPEC+ confirmed continued production increases for July. The confirmation came despite logistical challenges reported by some exporting countries tied to restrictions associated with the Strait of Hormuz.
TTF natural gas trades below €50/MWh
TTF natural gas futures on ICE Front Month also moved higher versus the previous week but stayed under €50/MWh. On Monday, June 1, gas futures reached a weekly maximum of €49.09/MWh. Prices then dropped to a weekly low of €47.61/MWh on June 2. In later sessions, trading stabilized above €48/MWh, with Friday’s close at €48.50/MWh, up 5.4% from the previous Friday.
Geopolitical tensions in the Middle East and stalled US-Iran negotiations were cited as factors affecting gas prices during the week. Expectations of a possible diplomatic agreement helped limit further increases. As a result, TTF futures remained below the €50/MWh threshold throughout the period.
EEX EUA December 2026 stays under €80/t
In the CO2 market, EEX EUA futures for December 2026 remained below €80/t during the same week. Prices peaked on Tuesday, June 2, at €79.52/t. Over subsequent sessions, values declined across the rest of the week. By Friday, June 5, CO2 futures reached a weekly minimum of €76.96/t.
The Friday level represented a 4.6% decrease compared with the previous Friday, according to AleaSoft Energy Forecasting data.