Page 12 - MergedFile

November 3, 2025

GAS

British near-term gas prices declined over the week. The UK Change in Gas Prices
gas system’s flexibility improved following the completion of 110
maintenance at the Troll gas field, allowing higher flows
through Langeled. Softer temperatures prompted traders to 95
price in lower demand, weighing on the NBP market. Longer-
range weather forecasts now extend into December, with no p/therm 80
sign of a significant cold snap. Consequently, the NBP spot
price dropped by 7% for the week, closing at 73.15 p/therm. 65

Along the forward curve, the gas price for Sum-26 delivery 50
Q1 26 Q226 Q3 26 Win26 Sum27 Win27
decreased by 2.5% for the week, closing at 74.60 p/therm.
24.10.25 31.10.25
UK storage is near seasonal highs, easing winter supply
concerns. At the same time, LNG inflows from the U.S. are
set to rise in the coming weeks.

OIL

Last week, Brent crude declined, pressured by rising global
supply, weak Chinese economic data, and a strong U.S. Brent
dollar. Even with cautious optimism from a U.S.–China 66.5
trade truce, concerns over oversupply and sluggish demand
66
kept energy prices subdued.
65.5
OPEC+ is set to raise output by another 137,000 bpd in
December, adding to this year’s total increase of over $/bbl 65
2.7 Mbpd, while U.S. production reached 13.6 Mbpd. The
64.5
combination of abundant supply and weak demand,
highlighted by China’s manufacturing contraction for the 64
seventh consecutive month, has kept the market cautious.
63.5
24.10.25 27.10.25 28.10.25 29.10.25 30.10.25 31.10.25
Consequently, Brent crude fell more than 1 % for the
week, settling at $65.07 per barrel.