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GAS OIL Oil prices saw modest week-on-week gains. Prices initially rose after a Ukrainian drone attack significantly disrupted Russian oil production, affecting ten refineries and at least 17% of the country’s refining capacity. Midweek, crude gained additional support from an unexpected draw in U.S. crude inventories, which fell by 2.39 million barrels according to the Energy Information Administration exceeding market expectations and —signalling firm late-summer demand. However, gains may ease with the end of the U.S. summer driving season and ahead of next week’s OPEC+ meeting on potential production increases. Consequently, Brent crude rose by 0.6% for the week, settling at $68.12 a barrel. September 01, 2025 50658095110Q4 25Q1 26Q2 26Win25Sum26Win26p/thermChange in Gas Prices22.08.2529.08.256667686922.08.2525.08.2526.08.2527.08.2527.08.2528.08.25$/bblBrent British near-term gas prices fell last week as increased LNG send out offset weaker Norwegian flows, due to maintenance. As a result, NBP spot shed by 7% for the week, ending at 77.90 p/therm. Along the forward curve, the gas price for Win-25 delivery tumbled by 6% for the week, to close at 84.34 p/therm after reports that an LNG shipment from Russia’s sanctioned Arctic LNG 2 project arrived at a terminal in southern China. If discharged, it would mark the first delivery from the facility since the US sanctions were enacted.