Page 12 - Demo

GAS OIL Crude oil prices fell last week as worries over excess supply and reduced refinery activity weighed on the market. Higher global production and an unexpected 5.2-million-barrel increase in U.S. inventories underscored abundant supply, while ongoing refinery maintenance and uneven demand further pressured prices. Brent crude recovered modestly on Friday but still closed the week about 1% lower at $63.63 per barrel , with sentiment remaining cautious amid anticipated OPEC+ output increases and rising global stock levels. November 10, 2025 50658095110Q2 26Q3 26Q4 26Win26Sum27Win27p/thermChange in Gas Prices31.10.2507.11.2562.56363.56464.56565.531.10.2503.11.2504.11.2505.11.2506.11.2507.11.25$/bblBrent British near-term gas prices soared for the week as temperatures are expected to drop, lifting heating demand. Although LNG flows remained steady and supported the system, inventories were around 12% below last year’s levels, tightening supply. This combination of higher demand expectations and below-average stocks pushed the NBP spot price over 4% higher at 76.25 p/therm. Along the forward curve, the gas price for Sum-26 delivery added 0.6% for the week, closing at 75.07 p/therm.