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December 15, 2025

GAS

British near-term gas prices soared for the week due to Change in Gas Prices
revised colder forecasts and increasing gas demand for 110
power generation. As a result, NBP spot increased by over
4% for the week, ending at 70.70 p/therm. 95

Along the forward curve, the gas price for Sum-26 delivery p/therm 80
added 0.6% for the week, closing at 65.22 p/therm,
reflecting persistent structural tightness as the effects of 65
weather-driven wind variations fade. In general, markets
showed stronger near- and mid-term fundamentals for gas, 50
Q1 26 Q226 Q3 26 Win26 Sum27 Win27
while long-term contracts saw only modest changes,
05.12.25 12.12.25
indicating minimal shifts in long-term supply-demand
expectations.

OIL

Crude oil prices experienced a sharp fall last week.
Brent
The market is responding to the potential for increased 64
Russian oil supplies if a peace agreement between Russia 63.5
and Ukraine is reached, along with the broader context of 63
a global oil oversupply. By the end of the week, a stronger 62.5
dollar, weak global growth indicators, and steady OPEC+ 62
guidance kept crude near weekly lows, despite rising $/bbl 61.5
tensions in Venezuela due to U.S. sanctions and tanker
61
seizures, closing a volatile but ultimately downward- 60.5
trending week for both benchmarks.
60

59.5
Hence, Brent crude fell by over 4% for the week, closing at 05.12.25 08.12.25 09.12.25 10.12.25 11.12.25 12.12.25
$61.12 a barrel.