Page 69 - Demo

Thursday, November 20, 2025GAS (p/therm) TUEWED VAR D-1 VAR W-1AVG.MAXMIN 18/11 19/11FROM THE BEGINNING OF THIS YEARNBP SPOT83.15 81.70-1.4513.790.83145.3063.10NBP DEC2583.50 81.28-2.220.0398.07135.0080.03NBP JAN2684.22 82.30-1.92-0.2198.71134.3981.23NBP FEB2684.20 82.39-1.81-0.2198.30132.9481.42NBP MAR2680.87 78.92-1.95-0.6494.54128.7578.54NBP APR2676.97 75.54-1.43-0.7787.08112.7175.49NBP MAY2674.76 73.67-1.09-0.3982.99106.2273.23NBP JUN2673.77 72.92-0.85-0.5581.23104.4471.89NBP JUL2673.68 72.60-1.08-0.6181.09104.0172.40NBP AUG2674.63 73.55-1.08-0.781.90104.4273.26NBP SEP2675.93 74.85-1.08-0.3682.88104.7973.41NBP OCT2676.49 75.41-1.08-1.0184.68105.0975.41NBP NOV2681.28 80.20-1.08-1.0888.24105.1980.20NBP Q1 2683.06 81.16-1.9-0.3697.14132.0080.36NBP Q2 2675.16 74.04-1.12-0.5783.76107.6473.78NBP Q3 2674.73 73.65-1.08-0.5681.95104.4073.04NBP Q4 2680.37 79.29-1.08-0.9987.66105.3479.29NBP SUM202674.95 73.85-1.1-0.5682.85106.0073.59NBP WIN202681.85 80.74-1.11-0.9388.63104.6180.74NBP SUM202768.44 67.43-1.01-1.0672.7181.8967.41NBP WIN202777.18 76.17-1.01-0.8979.9186.8675.08NBP SUM202863.24 62.46-0.78-0.8266.2871.7262.46The British spot gas price fell by 1.7% to 81.70 p/therm on Wednesday, amidexpectations of milder weather for the coming two weeks, higher LNG imports,and renewed Norwegian flows. On the forward curve, the Summer 2026delivery contract dropped by 1.5%, settling at 73.85 p/therm, as longer-termregional supply diversification, supported by Ukraine’s new northern corridor viaLithuania, eased upside risks.