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January 19, 2026
GAS
British near-term gas prices fell over the past week as Change in Gas Prices
warmer weather revisions reduced demand expectations. 110
Robust Norwegian and LNG flows also put pressure on 95
prices. As a result, NBP spot shed by over 6% for the week, 80
ending at 73.35 p/therm, despite strong storage 65
withdrawals. p/therm 50
35
Along the forward curve, the gas price for Sum-26 delivery 20
dropped by over 4% for the week, closing at 64.18 p/therm 5
as strong supply as well as warmer, windier forecasts -10 Q2 26 Q3 26 Q4 26 Sum26 Win26 Sum27
outweighed short-lived volatility from linepack shortages
09.01.2026 16.01.2026
and geopolitical tensions.
OIL
Crude oil prices rose last week as renewed geopolitical
tensions — particularly unrest in Iran and supply risks — Brent
kept buyers cautious about future supply. Inventory data 67
showing tighter balances and ongoing uncertainty over
66
Venezuelan exports also supported prices.
65
Hence, Brent crude increased by over 1% for the week,
settling at $64.13 a barrel. $/bbl 64
63
62
61
09.01.26 12.01.26 13.01.26 14.01.26 15.01.26 16.01.26
