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GAS OIL Crude oil prices ended a two-week rally as new European sanctions on Russia unsettled the market, although their actual impact is expected to be limited. The volatility was fueled by the EU's fresh measures against Russian fuel, tightening diesel inventories, and mounting concerns over regional supply bottlenecks—contributing to a tense and turbulent week in energy markets. Despite gains earlier in the week, the overall trend turned negative, weighed down by an unexpected midweek inventory build and persistent global economic uncertainty. As a result, Brent crude fell by about 2% for the week, closing at $69.28 a barrel. July 21, 2025 50658095110Q4 25Q1 26Q2 26Win25Sum26Win26p/thermChange in Gas Prices11.07.2518.07.25676869707111.07.2514.07.2515.07.2516.07.2517.07.2518.07.25$/bblBrentBritish near-term gas prices fell for the week. Disruptions at Nyhamna and Oseberg caused supply constraints, coinciding with increased CCGT demand that lent some support to day-ahead prices. As a result, NBP spot shed by over 3% for the week, ending at 81.30 p/therm, despite unplanned outages at gas fields in both Norway and the UK Continental Shelf, which reduced flows into the UK and occasionally left the system tight. Along the forward curve, the gas price for Win-25 delivery fell by over 4% for the week, due to weak Chinese LNG demand. Markets had anticipated Donald Trump’s ‘major announcement’, but after an initial uptick, the reaction proved muted. The U.S. President signaled a major policy shift, expressing frustration over Russia's failure to reach a ceasefire. He pledged Patriot missile sales to NATO and threatened a 100% secondary tariff on Russian energy exports if no deal is made.