Page 40 - Demo

GAS OIL Crude oil prices marked the first weekly loss since April. The downturn was sparked by President Trump's announcement of a proposed 50% tariff on EU imports starting June 1, raising concerns about a global economic slowdown and weaker oil demand. At the same time, expectations that OPEC+ will increase production by 411,000 bpd in July have added further pressure. The group has already eased cuts through June and could fully unwind the remaining 2.2 million bpd of voluntary curbs by October. Ongoing U.S.-Iran nuclear talks also raise the possibility of more Iranian crude returning to the market, reinforcing bearish sentiment. Hence, Brent crude dropped by 1% for the week, closing at $64.78 a barrel. May 26, 2025 50658095110Q3 25Q4 25Q1 26Win25Sum26Win26p/thermChange in Gas Prices16.05.2523.05.25636465666716.05.2519.05.2520.05.2521.05.2522.05.2523.05.25$/bblBrent British near-term gas prices surged last week, mainly buoyed by planned outages in Norway. Although the Norwegian outages were scheduled, the market reacted to the tighter supply, as the impact of reduced Norwegian flows turned out to be greater than initially anticipated. As a result, NBP spot surged by about 9% for the week, ending at 87.25 p/therm. Along the forward curve, the gas price for Win-25 delivery increased by about 3% for the week to 96.81 p/therm, driven by pessimism surrounding the ongoing Russia-Ukraine war.