Page 12 - Demo

GAS OIL Brent crude jumped by about 3% last week, closing at $65.88 per barrel, its highest since January 14. Early in the week, prices drifted lower as markets weighed ample global supply and rising U.S. inventories. Midweek, renewed U.S. pressure on Iran including sanctions on oil-—carrying vessels and the announced deployment of a naval “armada”—lifted prices. Furthermore, a temporary outage in Kazakhstan and extreme winter weather in the U.S. provided additional support. By the end of the week, Brent maintained gains above $65, reflecting headline-driven and weather-related risks, even as global fundamentals remain well supplied. January 26, 2026 -105203550658095110Q2 26Q3 26Q4 26Sum26Win26Sum27p/thermChange in Gas Prices16.01.202623.01.202662.56363.56464.56565.56666.516.01.2619.01.2620.01.2621.01.2622.01.2623.01.26$/bblBrent British near-term gas prices moved upwards for the week. Severe winter conditions across much of the continent, coupled with low wind generation and rising worries about dwindling storage levels contributed to the bullish evolution. As a result, NBP spot increased by about 3% for the week, ending at 102.75 p/therm. Along the forward curve, the gas price for Sum-26 delivery rose by 2% week-on-week, driven by uncertainty over LNG supply.