Oil, gas and EU carbon prices swing in early April as ceasefire eases pressure

Energy commodity markets ended the second week of April with clear signs of volatility across oil, gas and EU carbon. For investors watching how quickly sentiment can change, the week’s price paths showed that geopolitical developments and shifting demand conditions were translating into fast moves in benchmark contracts.

Brent oil: sharp drop below $100 after ceasefire

On ICE, Brent oil futures for the Front Month recorded notable swings during the period. On April 6, prices hit their weekly high at $109.77 per barrel. By April 8, they had fallen to a weekly low of $94.75/bbl. In the final sessions of the week, prices edged higher but stayed below the $100/bbl threshold.

By Friday, April 10, the settlement price was $95.20/bbl—down 13% versus the previous week. The report attributed much of the movement to ongoing Middle East conflict pressures earlier in the week, while a ceasefire agreement between the United States and Iran helped stabilize trading and push prices below $100/bbl in the last three sessions.

Gas: TTF Front Month slides to lowest level since late February

In natural gas, ICE Front Month TTF futures followed a similarly volatile pattern. Prices reached their weekly high on April 7 at €53.20/MWh. After that, they remained under €50/MWh for the rest of the week and eventually dropped to a weekly low of €43.64/MWh on April 10.

The contract’s move represented a 13% decline from the previous week and marked the lowest level since February 28. The fall was supported by reduced demand linked to rising temperatures and by geopolitical easing following the US-Iran ceasefire.

CO₂ allowances: end-week gain despite midweek swings

CO₂ emission allowance futures on EEX for the December 2026 reference contract also fluctuated during midweek before finishing higher than where they started relative to last week’s close. Prices fell to a weekly low of €71.53/t on April 7, then climbed to a peak of €73.72/t on April 9.

By April 10, they settled at €72.84/t—after midweek volatility—still 1.6% above the closing level from the previous week, according to AleaSoft.

Taken together, the week’s moves underline how quickly oil risk premia can unwind when geopolitical headlines shift, while gas pricing also reflects near-term weather-driven demand changes; meanwhile carbon allowances ended with modest strength despite intraday instability.