Brent oil futures for the Front Month on the ICE market reached their weekly peak settlement price of $118.35/bbl on Tuesday, March 31. According to data analyzed by AleaSoft Energy Forecasting, this marked the highest level since June 17, 2022. After a 15% drop, prices fell to their weekly minimum of $101.16/bbl on April 1, before recovering to $109.03/bbl on Thursday, April 2.
Developments in the Middle East conflict continued to influence Brent futures during the first week of April. Supply disruption concerns through the Red Sea pushed prices higher at the end of March. However, expectations of a possible end to the conflict led to a sharp decline on April 1. Later, renewed concerns over potential US military actions in the region supported a price recovery by the end of the week.
TTF gas futures on the ICE market for the Front Month reached their weekly maximum settlement price of €54.81/MWh on Monday, March 30. Prices then declined until April 1, when they hit a weekly low of €47.51/MWh, the lowest level since March 11, according to AleaSoft Energy Forecasting. Prices recovered slightly to €50.04/MWh on April 2, although this remained 7.6% lower than the previous Friday.
Supply concerns and low European storage levels continued to support gas prices early in the week. However, geopolitical developments and expectations of higher temperatures and increased renewable generation contributed to downward pressure, pushing prices below €50/MWh on April 1.
CO2 emission allowance futures in the EEX market for the December 2026 contract remained above €70/t throughout the first week of April. These futures reached a weekly high of €74.65/t on April 1, the highest level since February 12, according to AleaSoft Energy Forecasting. After a 4.0% drop, prices fell to their weekly minimum of €71.70/t on April 2, remaining close to the levels seen in the previous week, AleaSoft reports.