Page 14 - MergedFile

March 9, 2026

GAS

British near-term gas prices rocketed for the week, the Change in Gas Prices
ongoing conflict in the Middle East continuing to exert a 110
strong upward pressure on gas contracts. Disruptions to 95
shipping through the Strait of Hormuz continue to dominate 80
market sentiment, with over 150 LNG and crude oil vessels 65
reportedly anchored in the area. Iran’s threats against p/therm 50
passing ships have further heightened concerns in both gas 35
and oil markets. As a result, NBP spot spiked by over 67% 20
for the week, ending at 133.25 p/therm. 5
-10
Q2 26 Q3 26 Q4 26 Sum26 Win26 Sum27
Along the forward curve, the gas price for Sum-26 delivery
rallied by over 65% for the week, closing at 126.86 p/therm 27.02.2026 06.03.2026
as the Strait of Hormuz remained effectively closed.

OIL

Crude oil prices soared, with Brent posting its biggest gain
since April 2020 amid rising Middle East tensions that Brent
disrupted global fuel supplies. 95

90
The conflict has disrupted global shipping, with traffic
through the Strait of Hormuz constrained. Many tankers 85
are avoiding the Persian Gulf and rerouting via the Red Sea, 80
limiting flows from a waterway that normally carries about $/bbl 75
20% of the world’s oil and putting upward pressure on
prices. 70
65
Consequently, Brent crude jumped by 28% for the week,
60
settling at $92.69 a barrel. 27.02.26 02.03.26 03.03.26 04.03.26 05.03.26 06.03.26