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August 25, 2025

GAS

British near-term gas prices rallied for the week amid rising Change in Gas Prices
demand and tightening supply. The Norwegian Continental 110
Shelf is set for its busiest maintenance period of the year
95
starting on Wednesday and continuing until late September.
Up to half of Norway’s gas production capacity could be p/therm 80
offline during this period, substantially affecting pipeline
deliveries to the UK and continental Europe. As a result, NBP 65
spot surged by about 12% for the week, ending at 83.75
p/therm. 50
Q4 25 Q1 26 Q2 26 Win25 Sum26 Win26
Further out the curve, the gas price for Win-25 delivery 15.08.25 22.08.25
soared by about 7% week-on-week, closing at 89.56
p/therm. Geopolitical tensions heightened as markets
responded to stalled peace talks and fresh sanctions
affecting Russian energy supplies.

OIL

Oil prices rose for the first time in three weeks.
Brent
Fading ceasefire hopes and renewed Russian airstrikes near
70
Ukraine’s EU border, coupled with Ukraine’s retaliation
69
against a Russian refinery and the Unecha pumping station
on the Druzhba pipeline, underlined Europe’s energy 68
vulnerabilities. Indian refiners pursued discounted crude 67
despite looming U.S. and EU tariffs, while a 6-million-barrel $/bbl 66
drop in U.S. crude stocks signaled stronger-than-expected
65
demand, further supporting prices.
64
As a result, Brent crude gained around 3% for the week,
63
closing at $67.73 per barrel. 15.08.25 18.08.25 19.08.25 20.08.25 21.08.25 22.08.25