Page 10 - MergedFile

March 23, 2026

GAS

British near-term gas prices rallied for the week as Change in Gas Prices
Norwegian gas flows declined due to ongoing maintenance 165
across the fleet. A sharp escalation in Middle East tensions, 150
with both Israel and Iran targeting critical energy 135
120
infrastructure across the Gulf region lent further upward 105
pressure. As a result, NBP spot jumped by 19% for the week, p/therm 90
75
ending at 149.75 p/therm. 60
45
30
Along the forward curve, the gas price for Sum-26 delivery 15
0
spiked by 21% for the week, closing at 148.24 p/therm after
Iranian missile strikes on the Ras Laffan LNG terminal, with Q2 26 Q3 26 Q4 26 Sum26 Win26 Sum27
about 20% of capacity expected to be offline for several 13.03.2026 20.03.2026
years. The disruption tightens global LNG supply, supporting
prices, while Asian buyers—Qatar’s main customers—are
likely to seek alternative sources such as US LNG, increasing

competition with Europe.

OIL

Brent crude increased sharply week-on-week, hovering at
its highest level since July 2022 amid tight supply Brent
conditions, with disruptions in the Strait of Hormuz 115
affecting around 12 million barrels per day through reduced
exports, delays, and production cuts. 110

Ongoing attacks on energy infrastructure in the Middle East 105
further supported prices, as Iran targeted oil facilities in $/bbl
Kuwait, Saudi Arabia, and the UAE. In Kuwait, drone strikes 100
caused fires at the Mina Al-Ahmadi and Mina Abdullah
refineries before being contained, reinforcing bullish 95
sentiment driven by geopolitical risks.
90
13.03.26 16.03.26 17.03.26 18.03.26 19.03.26 20.03.26
As a result, Brent surged by 9% over the week, settling at
$112.19 per barrel.