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October 20, 2025

GAS

British near-term gas prices dropped for the week amid Change in Gas Prices
milder and windier weather. Aggregated gas storage in the 110
EU is around 83% full, while the UK is about 54%, with ample
LNG deliveries planned. As a result, NBP spot shed by over 95
3% for the week, ending at 79.40 p/therm.
p/therm 80
Along the forward curve, the gas price for Sum-26 delivery
decreased by 2% for the week, closing at 75.45 p/therm, 65
impacted by robust market fundamentals and easing
geopolitical tensions in the Middle East, with strong LNG 50
Q1 26 Q2 26 Q3 26 Win26 Sum27 Win27
inflows adding additional downward pressure.
10.10.25 17.10.25

OIL

Oil prices fell amid concerns over slowing global demand
linked to U.S.–China trade tensions, regional U.S. bank Brent
write-offs, and broader economic growth worries. An 63.5
oversupplied market, weaker investor sentiment, and the 63
IEA’s 2026 forecast of a nearly 4 Mbpd global surplus added
62.5
to the downward pressure. Geopolitical uncertainty also
62
lingered after U.S. President Donald Trump announced
plans to meet Russian President Vladimir Putin to discuss $/bbl 61.5
potential pathways to end the war in Ukraine. 61
60.5
Hence, Brent dropped by 2% for the week, closing at 60
$61.29 per barrel.
59.5
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