Page 26 - MergedFile

January 26, 2026

GAS

British near-term gas prices moved upwards for the week. Change in Gas Prices
Severe winter conditions across much of the continent, 110
coupled with low wind generation and rising worries about 95
dwindling storage levels contributed to the bullish evolution. 80
As a result, NBP spot increased by about 3% for the week, p/therm 65
ending at 102.75 p/therm. 50
35
Along the forward curve, the gas price for Sum-26 delivery 20
5
rose by 2% week-on-week, driven by uncertainty over LNG
-10
supply. Q2 26 Q3 26 Q4 26 Sum26 Win26 Sum27
16.01.2026 23.01.2026

OIL

Brent crude jumped by about 3% last week, closing at
$65.88 per barrel, its highest since January 14. Brent
66.5
Early in the week, prices drifted lower as markets weighed
66
ample global supply and rising U.S. inventories. Midweek,
65.5
renewed U.S. pressure on Iran—including sanctions on oil-
65
carrying vessels and the announced deployment of a naval
“armada”—lifted prices. Furthermore, a temporary outage $/bbl 64.5
in Kazakhstan and extreme winter weather in the U.S. 64
provided additional support. 63.5
63
By the end of the week, Brent maintained gains above $65,
62.5
reflecting headline-driven and weather-related risks, even 16.01.26 19.01.26 20.01.26 21.01.26 22.01.26 23.01.26
as global fundamentals remain well supplied.