Page 110 - 2025 HEG Daily Energy Market Report

Thursday, February 5, 2026

GAS (p/therm)

TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
3/2 4/2 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 80.43 82.90 2.47 -17.6 89.62 105.00 73.35
NBP MAR26 78.52 79.72 1.2 -10.89 80.89 95.20 66.34
NBP APR26 73.90 75.04 1.14 -4.23 73.53 84.33 64.52
NBP MAY26 72.27 73.39 1.12 0.13 70.84 79.56 63.61
NBP JUN26 70.64 71.83 1.19 1.75 69.19 76.91 62.69
NBP JUL26 69.79 70.89 1.1 1.17 68.44 75.69 62.36
NBP AUG26 69.98 71.14 1.16 0.97 68.68 75.89 62.76
NBP SEP26 71.13 72.44 1.31 1.08 69.79 77.01 64.03
NBP OCT26 70.40 71.69 1.29 1.16 69.13 76.07 63.64
NBP NOV26 74.18 75.69 1.51 1.62 72.59 79.60 67.58
NBP DEC26 75.96 77.84 1.88 1.31 74.62 81.48 69.62
NBP JAN27 78.05 79.43 1.38 1.28 76.41 83.52 71.31
NBP FEB27 78.11 79.51 1.4 1.38 76.41 83.56 71.23
NBP Q2 26 72.27 73.42 1.15 -0.77 71.18 80.26 63.67
NBP Q3 26 70.29 71.48 1.19 1.07 68.96 76.19 63.04
NBP Q4 26 73.51 75.07 1.56 1.36 72.11 79.04 66.94
NBP Q1 27 76.68 78.02 1.34 1.39 75.01 82.13 69.91
NBP SUM2026 71.28 72.44 1.16 0.15 70.07 78.21 63.35
NBP WIN2026 75.08 76.53 1.45 1.38 73.54 80.57 68.41
NBP SUM2027 59.72 60.87 1.15 0.95 59.67 63.59 57.74
NBP WIN2027 66.15 67.13 0.98 0.11 67.35 70.12 65.81
NBP SUM2028 53.21 53.91 0.7 0.16 55.05 58.00 53.21

The British spot gas price rose by 3% to 82.90 p/therm on Wednesday, tracking
early oil gains after the US shot down an Iranian drone near the Strait of
Hormuz, a key route for global oil and LNG. Further along the curve, the
Summer 2026 delivery contract increased by 1.6% to 72.44 p/therm, supported
by tight storage, with EU gas inventories at 40% of capacity, down 21 points
from last month and 13 points from a year ago, according to Gas Infrastructure
Europe.