Page 118 - 2025 HEG Daily Energy Market Report

Tuesday, February 3, 2026

GAS (p/therm)

FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
30/1 2/2 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 103.63 88.38 -15.25 -12.92 90.11 105.00 73.35
NBP MAR26 95.20 81.34 -13.86 -10.45 81.05 95.20 66.34
NBP APR26 84.33 75.25 -9.08 -3.84 73.44 84.33 64.52
NBP MAY26 79.56 73.52 -6.04 0.19 70.66 79.56 63.61
NBP JUN26 76.91 71.66 -5.25 1.03 69.00 76.91 62.69
NBP JUL26 75.69 70.48 -5.21 1.53 68.26 75.69 62.36
NBP AUG26 75.89 70.86 -5.03 1.47 68.51 75.89 62.76
NBP SEP26 77.01 72.07 -4.94 1.42 69.61 77.01 64.03
NBP OCT26 76.07 71.35 -4.72 1.9 68.96 76.07 63.64
NBP NOV26 79.60 75.09 -4.51 2.05 72.37 79.60 67.58
NBP DEC26 81.48 77.10 -4.38 1.86 74.41 81.48 69.62
NBP JAN27 83.52 79.50 -4.02 2.3 76.20 83.52 71.31
NBP FEB27 83.56 79.52 -4.04 2.3 76.20 83.56 71.23
NBP Q2 26 80.26 73.48 -6.78 -0.86 71.03 80.26 63.67
NBP Q3 26 76.19 71.13 -5.06 1.48 68.79 76.19 63.04
NBP Q4 26 79.04 74.51 -4.53 1.94 71.91 79.04 66.94
NBP Q1 27 82.13 78.11 -4.02 2.34 74.80 82.13 69.91
NBP SUM2026 78.21 72.30 -5.91 0.32 69.90 78.21 63.35
NBP WIN2026 80.57 76.29 -4.28 2.14 73.34 80.57 68.41
NBP SUM2027 63.59 60.93 -2.66 1.92 59.61 63.59 57.74
NBP WIN2027 69.35 67.31 -2.04 0.98 67.42 70.12 65.81
NBP SUM2028 54.66 53.99 -0.67 0.3 55.19 58.00 53.62

The British spot gas price plunged by 14.7% to 88.38 p/therm on Monday,
weighed by higher Norwegian flows and a broad commodity sell-off. Further
along the curve, the Summer 2026 delivery contract tumbled by 7.6% to 72.30
p/therm, as easing US–Iran tensions reduced geopolitical risk. EU plans to
phase out Russian gas and oil were already priced in, leaving the market
largely unaffected and Europe’s supply outlook stable.