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GAS OIL Oil prices experienced modest losses over the week as market participants assessed the implications of the Federal Reserve’s rate cut and the broader shift toward looser monetary policy. Early in the week, prices were supported by supply risks stemming from Ukrainian drone attacks on Russian energy facilities, which heightened concerns over potential disruptions. However, later in the week, prices eased after the U.S. Energy Information Administration (EIA) reported an unexpected increase in distillate inventories, clouding the outlook for demand even as crude oil stocks declined. Overall, the combination of shifting monetary policy expectations and changing supply-demand dynamics resulted in only slight weekly declines in crude prices. Hence, Brent crude dropped by 0.5% for the week, closing at $66.68 a barrel. September 22, 2025 50658095110Q1 26Q2 26Q326Sum26Win26Sum27p/thermChange in Gas Prices12.09.2519.09.25656667686912.09.2515.09.2516.09.2517.09.2518.09.2519.09.25$/bblBrentBritish near-term gas prices moved upwards for the week as temperature projections indicate a drop to levels not experienced since May. Scheduled maintenance across Norway’s gas fleet is progressing steadily, further contributing to the rise in prices. As a result, NBP spot increased by 1% for the week, ending at 79.85 p/therm. Along the forward curve, the gas price for Win-25 delivery slipped by 0.6% for the week, as ample inventory replenishment counterbalanced geopolitical risks.