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February 2, 2026

GAS

British near-term gas prices gained ground week-on-week, Change in Gas Prices
due to reduced LNG sendout, especially from South Hook 110
and the Isle of Grain. Furthermore, ongoing maintenance at 95
Barrow North, increased gas-for-power demand due to while 80
weaker wind forecasts, as well as tightened available supply 65
also contributed to the rise. As a result, NBP spot added p/therm 50
0.9% for the week, ending at 103.63 p/therm. 35
20
Along the forward curve, the gas price for Sum-26 delivery 5
soared by 5% to 78.21 p/therm, driven by tight supply, low -10 Q2 26 Q3 26 Q4 26 Sum26 Win26 Sum27
storage and rising competition from Asia for flexible LNG to
23.01.2026 30.01.2026
cover heating needs.

OIL

Crude oil prices climbed sharply over the week as harsh
winter weather in the U.S. temporarily cut about 2 million Brent
barrels per day of production, tightening available supply. 72
Rising geopolitical tensions between the U.S. and Iran, 71
including warnings of possible naval action near the Gulf, 70
added further upward pressure. At the same time, supply 69
disruptions in Venezuela and Kazakhstan and an 68
unexpected drawdown in U.S. crude stocks bolstered the $/bbl 67
bullish sentiment. A weaker U.S. dollar lent further support.
66
65
As a result, Brent crude jumped more than 7% for the
64
week, settling at $70.69 a barrel, its highest level in nearly
63
six months. 23.01.26 26.01.26 27.01.26 28.01.26 29.01.26 30.01.26