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September 29, 2025

GAS

British near-term gas prices firmed for the week. Norwegian Change in Gas Prices
gas flows have risen as winter maintenance comes to an end, 110
although restart problems at several facilities are still causing
some minor reductions. Colder conditions provided 95
additional support. As a result, NBP spot rose by about 1% p/therm 80
for the week, ending at 80.60 p/therm.
65
Along the forward curve, the gas contract for Win-25
delivery rose by 0.7% over the week, ending at 50
86.57 p/therm, as a force majeure declared at French LNG Q1 26 Q2 26 Q326 Sum26 Win26 Sum27
facilities due to strike action heightened concerns about 19.09.25 26.09.25
tighter gas supplies in Europe, affecting the UK market.

OIL

Crude oil prices surged over the week, reaching their
highest levels since mid-June. Brent
71
The increase was driven by Ukraine’s drone attacks on
70
Russian energy infrastructure, which limited the country’s
fuel exports. Prices were further bolstered by Russia’s 69
extension of its gasoline export ban until year-end and the 68
introduction of a new diesel export ban to safeguard $/bbl 67
domestic supply. Midweek, a larger-than-expected draw on
inventories, with API data showing a weekly reduction of 66
3.8 million barrels, also contributed to the rise. 65

64
Consequently, Brent crude spiked by over 5% for the week, 19.09.25 22.09.25 23.09.25 24.09.25 25.09.25 26.09.25
settling at $70.13 a barrel.