Page 10 - Demo

GAS OIL Crude oil prices climbed sharply over the week as harsh winter weather in the U.S. temporarily cut about 2 million barrels per day of production, tightening available supply. Rising geopolitical tensions between the U.S. and Iran, including warnings of possible naval action near the Gulf, added further upward pressure. At the same time, supply disruptions in Venezuela and Kazakhstan and an unexpected drawdown in U.S. crude stocks bolstered the bullish sentiment. A weaker U.S. dollar lent further support. As a result, Brent crude jumped more than 7% for the week, settling at $70.69 a barrel, its highest level in nearly six months. February 2, 2026 -105203550658095110Q2 26Q3 26Q4 26Sum26Win26Sum27p/thermChange in Gas Prices23.01.202630.01.20266364656667686970717223.01.2626.01.2627.01.2628.01.2629.01.2630.01.26$/bblBrent British near-term gas prices gained ground week-on-week, due to reduced LNG sendout, especially from South Hook and the Isle of Grain. Furthermore, ongoing maintenance at Barrow North, increased gas-for-power demand due to while weaker wind forecasts, as well as tightened available supply also contributed to the rise. As a result, NBP spot added 0.9% for the week, ending at 103.63 p/therm. Along the forward curve, the gas price for Sum-26 delivery soared by 5% to 78.21 p/therm, driven by tight supply, low storage and rising competition from Asia for flexible LNG to cover heating needs.