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April 13, 2025
GAS
UK gas markets were initially steady amid thin liquidity, then
surged on escalating US–Iran tensions and supply disruption Change in Gas Prices
140
fears. A ceasefire and easing concerns around the Strait of 125
Hormuz triggered a sharp correction downside, though
lingering uncertainty over LNG flows and shipping p/therm 110
constraints kept volatility elevated. Later maritime security 95
concerns briefly supported prices again. Overall, pricing was 80
driven by shifting geopolitical risk and LNG supply 65
expectations. 50
Q3 26 Q4 26 Q1 27 Win26 Sum27 Win27
Finally, week-on-week, NBP spot fell by 11% to 112 p/therm,
06.04.26 10.04.26
while NBP Winter 26 dropped by around 8% to 110 p/therm.
OIL
Oil prices lost ground on a weekly basis, marking their
steepest weekly drop since 2022 ahead of U.S.–Iran talks Brent
aimed at securing a permanent ceasefire. 115
110
Despite the decline, prices stayed elevated as ongoing
attacks, restricted flows through the Strait of Hormuz, and 105
concerns over Saudi supply disruptions kept physical $/bbl 100
markets tight.
95
As a result, Brent crude plummeted by around 13% ending
90
at $95.20 a barrel on Friday.
85
06.04.26 07.04.26 08.04.26 09.04.26 10.04.26
