Page 22 - MergedFile

February 9, 2026

GAS

British near-term gas prices plummeted over the week, Change in Gas Prices
impacted by milder weather forecasts reducing cold‑spell 110
95
risk, easing LDZ and gas-for-power demand, slightly lower 80
LNG sendout, and higher Norwegian flows. Market 65
sentiment was also tempered by slower long-position builds p/therm 50
from investment funds and eased geopolitical risk following 35
20
early-stage US–Iran talks. As a result, NBP spot slumped by
5
about 13% for the week, closing at 90.50 p/therm. -10
Q2 26 Q3 26 Q4 26 Sum26 Win26 Sum27
Along the forward curve, the gas price for Sum-26 delivery 30.01.2026 06.02.2026
shed by over 3% for the week, ending at 75.68 p/therm amid
reports indicating that the US and Iran will proceed with
diplomatic negotiations.

OIL

Oil prices snapped a six-week winning streak last week.
Brent
Crude was weighed down by lower geopolitical risk 72
premiums as U.S.–Iran tensions eased and concerns about 71
oversupply resurfaced. Temporary support from inventory 70
draws and intermittent Middle East tensions was offset by
69
diplomatic progress between Washington and Tehran and
a stronger U.S. dollar, leaving prices weaker overall. $/bbl 68
67
Consequently, Brent crude dropped by about 4% for the 66
week, settling at $68.05 a barrel. 65
64
30.01.26 02.02.26 03.02.27 04.02.28 05.02.29 06.02.30