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September 01, 2025

GAS

British near-term gas prices fell last week as increased LNG Change in Gas Prices
send out offset weaker Norwegian flows, due to 110
maintenance. As a result, NBP spot shed by 7% for the week,
ending at 77.90 p/therm. 95

Along the forward curve, the gas price for Win-25 delivery p/therm 80
tumbled by 6% for the week, to close at 84.34 p/therm after
65
reports that an LNG shipment from Russia’s sanctioned
Arctic LNG 2 project arrived at a terminal in southern China.
50
If discharged, it would mark the first delivery from the facility Q4 25 Q1 26 Q2 26 Win25 Sum26 Win26
since the US sanctions were enacted. 22.08.25 29.08.25

OIL

Oil prices saw modest week-on-week gains.
Brent
Prices initially rose after a Ukrainian drone attack 69
significantly disrupted Russian oil production, affecting ten
refineries and at least 17% of the country’s refining
capacity. Midweek, crude gained additional support from 68
an unexpected draw in U.S. crude inventories, which fell by
2.39 million barrels according to the Energy Information $/bbl
Administration—exceeding market expectations and
67
signalling firm late-summer demand. However, gains may
ease with the end of the U.S. summer driving season and
ahead of next week’s OPEC+ meeting on potential
66
production increases. 22.08.25 25.08.25 26.08.25 27.08.25 27.08.25 28.08.25

Consequently, Brent crude rose by 0.6% for the week,
settling at $68.12 a barrel.