Settlement prices for Brent oil futures on the ICE Front Month contract stayed below $70/bbl during the first week of February. On Monday, February 2, the weekly minimum settlement price was $66.30/bbl. Prices increased in later sessions, reaching a weekly maximum settlement price of $69.46/bbl on February 4. By Friday, February 6, Brent settled at $68.05/bbl, remaining under $68.50/bbl and 3.7% lower than the previous Friday’s settlement.
Middle East tensions and US-Iran talks affect Brent
Geopolitical tensions in the Middle East supported the midweek rise in Brent futures, lifting prices to the weekly high on February 4. In the final sessions of the week, expectations around US-Iran talks scheduled for February 6 were cited as a factor behind lower prices. The week’s range therefore included both the midweek increase and the subsequent slide toward the Friday close. Brent finished the week at $68.05/bbl on February 6.
TTF gas futures move from weekly low to high
TTF gas futures on the ICE Front Month contract started the week lower. On Tuesday, February 3, the weekly minimum settlement price was €32.86/MWh. Prices rose over subsequent sessions and reached a weekly maximum settlement price of €35.69/MWh on Friday, February 6. Despite that increase, the February 6 level remained 9.1% below the previous Friday’s settlement.
LNG supply, wind output and weather support late-week TTF rise
The increase in US LNG availability helped keep TTF prices under €36/MWh during the week. Lower supply concerns through the Strait of Hormuz also contributed to subdued pricing earlier in the period. At the same time, reduced wind energy production increased gas demand for electricity generation, supporting a late-week rise in settlements. Forecasts of low temperatures and low European storage levels further influenced that trend.
EEX December 2026 carbon allowances fall then recover slightly
CO₂ emission allowance futures on EEX for the December 2026 contract declined during the first week of February. On Monday, February 2, the weekly maximum settlement price was €83.28/t. Prices then fell to a weekly minimum of €78.20/t on Thursday, February 5, which was the lowest level since October 1, 2025. By Friday, February 6, settlements recovered slightly to €78.74/t.
The February 6 settlement of €78.74/t was still 3.1% lower than the previous Friday’s price, according to AleaSoft.