Brent crude oil futures for the front month on ICE posted a weekly minimum settlement price of $104.21/bbl on Monday, May 11. Prices stayed above $105/bbl in the subsequent sessions. By Friday, May 15, Brent settled at a weekly maximum of $109.26/bbl, up 7.9% versus the previous Friday, according to data analyzed at AleaSoft Energy Forecasting.
The rise in oil prices reflected geopolitical and supply-side risk factors. The United States rejected Iran’s response to its peace proposal, while tensions continued to affect flows through the Strait of Hormuz. Concerns about potential supply disruptions were reinforced by the risk of a breakdown in ceasefire expectations.
European gas market trends for TTF futures
In the European gas market, TTF natural gas futures for the front month on ICE recorded a weekly minimum settlement price of €46.23/MWh on Monday, May 11. The contract then moved higher through the week in a steady pattern. On Friday, May 15, it reached a weekly maximum of €50.17/MWh.
The Friday level was 14% higher than the previous Friday’s close and was the highest price since April 8, based on AleaSoft Energy Forecasting data. The increase was linked to limited progress in peace negotiations between the United States and Iran. Persistent concerns about possible supply disruptions through the Strait of Hormuz also supported prices.
Additional upward pressure came from tight European gas storage conditions. Average storage levels remained below 40%, and several countries were still under 25% capacity. This kept the market sensitive to supply-risk developments.
EEX CO2 allowance contract moves through May week
For CO2 emission allowance futures on EEX, the December 2026 contract reached its weekly maximum settlement price of €77.17/t on Monday, May 11. That was the highest level since April 18. Most of the following sessions traded above €75/t, though below the early-week peak.
The weekly minimum was recorded on May 13 at €75.07/t. Prices then recovered slightly toward the end of the week. By Friday, May 15, CO2 futures settled at €75.62/t, up 0.6% compared with the previous week’s final session.
AleaSoft reported that trading remained relatively stable but firm, with intermittent fluctuations tied to broader energy market sentiment and expectations around industrial demand and fuel switching dynamics.