Page 114 - 2025 HEG Daily Energy Market Report
P. 114
Wednesday, February 4, 2026
GAS (p/therm)
MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
2/2 3/2 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 88.38 80.43 -7.95 -21.77 89.82 105.00 73.35
NBP MAR26 81.34 78.52 -2.82 -13.4 80.94 95.20 66.34
NBP APR26 75.25 73.90 -1.35 -4.58 73.46 84.33 64.52
NBP MAY26 73.52 72.27 -1.25 -0.09 70.73 79.56 63.61
NBP JUN26 71.66 70.64 -1.02 1.22 69.07 76.91 62.69
NBP JUL26 70.48 69.79 -0.69 1.68 68.33 75.69 62.36
NBP AUG26 70.86 69.98 -0.88 1.51 68.58 75.89 62.76
NBP SEP26 72.07 71.13 -0.94 1.38 69.68 77.01 64.03
NBP OCT26 71.35 70.40 -0.95 1.7 69.02 76.07 63.64
NBP NOV26 75.09 74.18 -0.91 1.88 72.45 79.60 67.58
NBP DEC26 77.10 75.96 -1.14 1.22 74.48 81.48 69.62
NBP JAN27 79.50 78.05 -1.45 1.66 76.28 83.52 71.31
NBP FEB27 79.52 78.11 -1.41 1.73 76.28 83.56 71.23
NBP Q2 26 73.48 72.27 -1.21 -1.14 71.08 80.26 63.67
NBP Q3 26 71.13 70.29 -0.84 1.52 68.85 76.19 63.04
NBP Q4 26 74.51 73.51 -1 1.6 71.98 79.04 66.94
NBP Q1 27 78.11 76.68 -1.43 1.76 74.88 82.13 69.91
NBP SUM2026 72.30 71.28 -1.02 0.21 69.96 78.21 63.35
NBP WIN2026 76.29 75.08 -1.21 1.68 73.41 80.57 68.41
NBP SUM2027 60.93 59.72 -1.21 0.85 59.62 63.59 57.74
NBP WIN2027 67.31 66.15 -1.16 -0.1 67.36 70.12 65.81
NBP SUM2028 53.99 53.21 -0.78 -0.41 55.10 58.00 53.21
The British spot gas price slumped by 9% to 80.43 p/therm on Tuesday as cold-
weather risk premiums continued to unwind amid forecasts for milder conditions
across Europe. Further along the curve, the Summer 2026 delivery contract fell
by 1.4% to 71.28 p/therm, weighed by firm Norwegian pipeline flows and a
sharp fall in US gas futures, signalling ample LNG supply and easing European
supply concerns.
