During the fourth week of March, Brent oil futures on the ICE market showed significant volatility, starting the week at a low of $99.94/bbl on March 23 before following a mostly upward trend. By Friday, March 27, prices climbed to a weekly high of $112.57/bbl, marking a 0.3% increase compared to the previous Friday and reaching the highest level since July 5, 2022. Early in the week, diplomatic efforts between the United States and Iran put downward pressure on prices, but rising geopolitical tensions in the Middle East later pushed them back up.
In the case of TTF gas futures, prices also showed fluctuations throughout the week. They reached their weekly peak of €56.68/MWh on March 23, before declining to a weekly low of €52.82/MWh on March 25. Prices then stabilized and remained above €54/MWh in the final sessions, closing at €54.18/MWh on March 27, which represented an 8.6% decrease compared to the previous Friday. The early-week decline was influenced by optimism around potential peace talks, while later increases were supported by ongoing geopolitical risks and low European gas storage levels.
Meanwhile, CO2 emission allowance futures on the EEX market followed a mostly upward trajectory. The weekly minimum was recorded at €69.26/t on March 23, after which prices steadily increased throughout the week. By March 27, they reached a weekly maximum of €71.69/t, reflecting a 5.9% increase compared to the previous Friday. This upward movement highlights continued strength in carbon pricing amid evolving energy and regulatory conditions, AleaSoft reports.