Page 20 - MergedFile

February 16, 2026

GAS

British near-term gas prices fell sharply over the week, Change in Gas Prices
driven down by successive revisions to medium-range 110
95
weather forecasts that gradually reduced the impact of cold 80
p/therm
weather. As a result, the NBP spot dropped by around 12% 65
for the week, ending at approximately 80 p/therm. 50
35
Along the forward curve, the gas price for Sum‑26 delivery 20
declined by about 5% over the week, as geopolitical 5
-10
tensions also eased following positive signals from U.S.–Iran Q2 26 Q3 26 Q4 26 Sum26 Win26 Sum27
talks in Oman. 06.02.2026 13.02.2026

OIL

Crude oil prices eased modestly last week as renewed
diplomatic efforts helped limit immediate geopolitical risks, Brent
keeping conflict-related supply concerns contained. 70

69.5
At the same time, attention shifted toward softer
fundamentals after the International Energy Agency 69
downgraded its 2026 global demand growth forecast and 68.5
projected a sizeable supply surplus. Expectations of $/bbl 68
stronger output growth relative to consumption, alongside
rising U.S. crude inventories, reinforced a more bearish 67.5
market tone and weighed on prices. 67

66.5
Consequently, Brent crude slipped by 0.4% for the week, 06.02.26 09.02.26 10.02.26 11.02.26 12.02.26 13.02.26
closing at $67.75 a barrel.