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January 12, 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
02.01.2026 09.01.2026
and geopolitical tensions.

OIL

Crude oil prices saw their third straight week of gains,
driven by escalating geopolitical tensions and technical Brent
market dynamics. 64
The week began with the U.S. capture of Venezuelan leader
63
Nicolas Maduro, adding short-term uncertainty, though
Venezuela accounts for only about 1% of global supply. 62
Later, unrest in Iran and U.S. threats of military action,
along with the seizure of two Venezuelan-linked tankers, $/bbl 61
heightened supply security concerns. Mixed inventory
60
data—crude draws offset by gasoline builds—added
nuance, while OPEC+ hinted at deeper 2026 cuts to prevent 59
oversupply. Brent briefly fell below $60 a barrel, but
58
rebounded sharply, and overall, geopolitical risk and 02.01.26 05.01.26 06.01.26 07.01.26 08.01.26 09.01.26
technical buying pushed prices higher by week’s end.

Finally, Brent soared by over 4% for the week, closing at
$63.34 a barrel.