Insight
Brazil's gas spot market: solid 2025, smart play for 2026
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Report summary
Brazil’s spot gas market expanded in 2025, with LDCs purchasing 60 million cubic meters by November—50% above 2024 levels. Spot contracts averaged US$2.3/mmbtu below firm deals, delivering discounts of 14–40% to distributors. While generally advantageous, volatility meant the strategy did not always pay off.
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