Page 40 - MergedFile

July 28, 2025

GAS

British near-term gas prices fell for the week amid relatively Change in Gas Prices
cool summer weather forecasts, pointing to weak demand, 110
while trading activity remained subdued during the peak of
the summer holiday season. Increased Norwegian flow 95
nominations lent further downward pressure. Consequently,
NBP spot dropped by over 3% for the week, ending at 78.55 p/therm 80
p/therm.
65
Along the forward curve, the gas price for Winter-25
50
delivery decreased by over 1% to 90.68 p/therm, supported
Q4 25 Q1 26 Q2 26 Win25 Sum26 Win26
by a recovery in supply from the Norwegian Continental
18.07.25 25.07.25
Shelf.

OIL

Crude oil prices declined last week as weak
macroeconomic data from the U.S. and China, combined Brent
with signs of rising supply, unsettled the market and put 70
pressure on prices.

The drop was driven by concerns over slowing demand
from the world’s top oil consumers and reports of higher
output from key producers, including OPEC+ and U.S. shale. $/bbl 69
These bearish factors outweighed modest support from
renewed optimism around U.S. trade agreements, which
could lift future demand.

68
As a result, Brent crude fell by about 1% for the week, 18.07.25 21.07.25 22.07.25 23.07.25 24.07.25 25.07.25
closing at $68.44 a barrel, its lowest level in three weeks.