Page 10 - Demo

GAS OIL Oil prices declined as markets weighed geopolitical and supply risks. Russia-Ukraine strikes on energy infrastructure and new U.S. sanctions on Iranian-linked shipping added uncertainty, but bearish pressure came from record U.S. crude output at 13.58 mn b/d in June and concerns over U.S. tariffs dampening demand. Caution also prevailed ahead of the OPEC+ meeting, with potential further output increases under discussion. Hence, Brent crude fell by about 4% for the week, closing at $65.50 a barrel. September 8, 2025 50658095110Q1 26Q2 26Q326Sum26Win26Sum27p/thermChange in Gas Prices29.08.2505.09.25636465666768697029.08.2501.09.2502.09.2503.09.2504.09.2505.09.25$/bblBrentBritish near-term gas prices eased slightly, with the NBP spot down 0.7% to 77.35 p/therm. Early declines were linked to weak Asian LNG demand and comfortable storage, but focus shifted to bullish factors after Gassco announced Norwegian maintenance cuts of over 100 mcm/d through 19 September. Along the forward curve, the gas price for Win-25 delivery rose by 0.8% for the week, surpassing 85 p/therm.