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January 05, 2025

GAS

British gas prices were volatile last week, influenced by weather
conditions, outages, storage levels, and LNG inflows.
Change in Gas Prices
80
The NBP spot price increased on Monday due to colder weather
forecasts and an unexpected outage at Norway’s Aasgard field,
then fell on Tuesday as ample supply, including strong LNG arrivals,
offset near-term cold risk. Finally, NBP spot ended over 6% higher p/therm 65
for the week, to settle at 78.40 p/therm on Friday, supported by
renewed cold forecasts and Norway’s Troll field outage reducing
deliveries.
50
Further on the curve, the Summer 2026 contract followed a similar Q2 26 Q3 26 Q4 26 Sum26 Win26 Sum27
path, rising early in the week on low storage levels, dipping 26.12.25 02.01.26
midweek amid strong LNG inflows, and finishing 2.2% higher for
the week, to end above 67 p/therm on Friday.
Overall, the market reflected a mix of short-term supply
constraints and seasonal demand pressures, keeping prices
volatile throughout the week.

OIL

Crude oil prices started the week higher on Monday, driven by
rising tensions in Russia and the Middle East. Russia accused Brent
Ukraine of a drone attack on President Putin’s residence, while 63
instability in the Middle East, including Saudi strikes in Yemen,
raised concerns over supply disruptions. On Tuesday, prices
62
were largely unchanged as investors reassessed fading
prospects for a Russia–Ukraine peace deal amid ongoing
Middle East tensions. By Friday, Brent crude fell slightly to $/bbl 61
$60.75 per barrel.
60
Nevertheless, the market remained range-bound due to
ample supply expectations and persistent geopolitical
59
concerns.
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