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November 24, 2025
GAS
British near-term gas prices lost ground for the week due to Change in Gas Prices
milder weather. Abundant LNG supply and rising Norwegian 110
flows lent further bearish pressure. As a result, NBP spot
decreased by over 2% for the week, ending at 79 p/therm. 95
Along the forward curve, the gas price for Sum-26 delivery p/therm 80
shed by about 5% for the week, closing at 71.25 p/therm.
Geopolitical headlines contributed to a more cautious mood, 65
with reports of U.S.-proposed peace talks in the Russia-
Ukraine conflict reducing risk premiums across energy 50
Q1 26 Q226 Q3 26 Win26 Sum27 Win27
markets.
14.11.25 21.11.25
OIL
Crude oil prices fell for the week, hovering at their lowest
levels since October 21 as hopes for progress in Russia- Brent
Ukraine peace efforts reduced geopolitical risk premiums. 65.5
The outlook was further weighed down by mixed U.S. stock 65
data, steady Russian production and a firmer dollar, all of 64.5
which weakening supply-demand signals. Broader worries 64
about slowing global demand reinforced the bearish mood. 63.5
$/bbl 63
As a result, Brent crude plunged by about 3% for the week, 62.5
closing at $62.56 a barrel.
62
61.5
61
14.11.25 17.11.25 18.11.25 19.11.25 20.11.25 21.11.25
