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GAS OIL Crude oil prices declined last week as weak macroeconomic data from the U.S. and China, combined with signs of rising supply, unsettled the market and put pressure on prices. The drop was driven by concerns over slowing demand from the world’s top oil consumers and reports of higher output from key producers, including OPEC+ and U.S. shale. These bearish factors outweighed modest support from renewed optimism around U.S. trade agreements, which could lift future demand. As a result, Brent crude fell by about 1% for the week, closing at $68.44 a barrel, its lowest level in three weeks. July 28, 2025 50658095110Q4 25Q1 26Q2 26Win25Sum26Win26p/thermChange in Gas Prices18.07.2525.07.2568697018.07.2521.07.2522.07.2523.07.2524.07.2525.07.25$/bblBrentBritish near-term gas prices fell for the week amid relatively cool summer weather forecasts, pointing to weak demand, while trading activity remained subdued during the peak of the summer holiday season. Increased Norwegian flow nominations lent further downward pressure. Consequently, NBP spot dropped by over 3% for the week, ending at 78.55 p/therm. Along the forward curve, the gas price for Winter-25 delivery decreased by over 1% to 90.68 p/therm, supported by a recovery in supply from the Norwegian Continental Shelf.