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August 4, 2025

GAS

British gas prices rebounded on a weekly basis amid supply Change in Gas Prices
worries, triggered by an unexpected outage in Norway, 110
nuclear problems in France, strong demand in Asia, and
recent concerns over possible new US sanctions on Russia. 95
As a result, NBP spot soared by 3% for the week, ending at
81 p/therm. p/therm 80

Along the forward curve, the gas price for Win-25 delivery 65
increased by 2% week-on-week, driven by Trump’s decision
50
to shorten his ultimatum to Russia to 50 days, intensifying
Q4 25 Q1 26 Q2 26 Win25 Sum26 Win26
tensions and the threat of sanctions that could restrict
25.07.25 01.08.25
Russian energy exports.

OIL

Oil prices rose last week, driven by tariff news and
geopolitical risks. Brent
74
Last week’s main event was President Trump’s executive 73
order imposing tariffs ranging from 10% to 41% on imports 72
from dozens of countries that missed the August 1 deadline
71
for U.S. trade agreements. Canada, Brazil, India, and Taiwan
were affected, while the European Union, South Korea, $/bbl 70
Japan, and the U.K. obtained exemptions. These measures 69
heightened uncertainty in global oil flows and caused 68
volatility in commodity markets, especially as focus shifts to 67
ongoing U.S.-China trade talks.
66
25.07.25 28.07.25 29.07.25 30.07.25 31.07.25 01.08.25
Hence, Brent crude increased by 2% for the week, closing
at $69.67 a barrel.