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September 22, 2025

GAS

British near-term gas prices moved upwards for the week Change in Gas Prices
as temperature projections indicate a drop to levels not 110
experienced since May. Scheduled maintenance across
Norway’s gas fleet is progressing steadily, further 95
contributing to the rise in prices.
As a result, NBP spot increased by 1% for the week, ending p/therm 80
at 79.85 p/therm.
65
Along the forward curve, the gas price for Win-25 delivery
50
slipped by 0.6% for the week, as ample inventory
Q1 26 Q2 26 Q326 Sum26 Win26 Sum27
replenishment counterbalanced geopolitical risks.
12.09.25 19.09.25

OIL

Oil prices experienced modest losses over the week as
market participants assessed the implications of the Brent
Federal Reserve’s rate cut and the broader shift toward 69
looser monetary policy. Early in the week, prices were
supported by supply risks stemming from Ukrainian drone
68
attacks on Russian energy facilities, which heightened
concerns over potential disruptions. However, later in the
week, prices eased after the U.S. Energy Information $/bbl 67
Administration (EIA) reported an unexpected increase in
distillate inventories, clouding the outlook for demand 66
even as crude oil stocks declined. Overall, the combination
of shifting monetary policy expectations and changing 65
supply-demand dynamics resulted in only slight weekly 12.09.25 15.09.25 16.09.25 17.09.25 18.09.25 19.09.25
declines in crude prices.

Hence, Brent crude dropped by 0.5% for the week, closing
at $66.68 a barrel.