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GAS OIL Crude oil prices marked their first weekly gain in three weeks after positive signals from a call between the US and Chinese presidents. Prices started the week on a strong note as traders digested news that Iran was about to reject a U.S. proposal for a nuclear deal requiring Tehran to halt all uranium enrichment activities. However, a build in U.S. crude stockpiles and a cut in Saudi Arabia’s benchmark price for Asian crude buyers weighed on sentiment midweek. Prices later regained momentum as market participants were encouraged by reports on Thursday that U.S. President Donald Trump and Chinese leader Xi Jinping had resumed trade talks. Finally, Brent crude soared by 4% for the week, settling at $66.47 a barrel on Friday. June 9, 2025 50658095110Q3 25Q4 25Q1 26Win25Sum26Win26p/thermChange in Gas Prices30.05.2506.06.256162636465666730.05.2502.06.2503.06.2504.06.2505.06.2506.06.25$/bblBrentBritish near-term gas prices spiked last week amid ongoing Norwegian maintenance and slow LNG deliveries. Stronger global LNG demand, particularly from Asia, has reduced availability for Europe and the UK. As a result, NBP spot surged by over 8% for the week, ending at 85.70 p/therm. Along the forward curve, the gas price for Win-25 delivery soared by about 5% for the week, closing at 95.70 p/therm. UK gas storage levels are currently lower than usual because of high consumption during winter and insufficient refilling. The UK’s significant reliance on imports means that any supply constraints can drive prices higher.