Page 122 - 2025 HEG Daily Energy Market Report

Friday, January 30, 2026

GAS (p/therm)

WED THU VAR D-1 VAR W-1 AVG. MAX MIN
28/1 29/1 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 100.50 102.00 1.5 2.8 88.77 105.00 73.35
NBP FEB26 100.41 102.63 2.22 1.88 88.30 104.67 70.84
NBP MAR26 90.61 94.10 3.49 5.66 80.33 94.10 66.34
NBP APR26 79.27 83.67 4.4 5.24 72.81 83.67 64.52
NBP MAY26 73.26 78.15 4.89 2.99 70.07 78.15 63.61
NBP JUN26 70.08 75.15 5.07 1.43 68.47 75.44 62.69
NBP JUL26 69.72 74.30 4.58 2.06 67.78 74.30 62.36
NBP AUG26 70.17 74.74 4.57 2.34 68.03 74.74 62.76
NBP SEP26 71.36 75.50 4.14 2.26 69.12 75.50 64.03
NBP OCT26 70.53 74.64 4.11 2.65 68.48 74.64 63.64
NBP NOV26 74.07 78.18 4.11 2.94 71.88 78.18 67.58
NBP DEC26 76.53 80.73 4.2 3.09 73.92 80.73 69.62
NBP JAN27 78.15 82.28 4.13 2.99 75.67 82.28 71.31
NBP Q2 26 74.19 78.98 4.79 3.22 70.45 78.98 63.67
NBP Q3 26 70.41 74.84 4.43 2.22 68.30 74.84 63.04
NBP Q4 26 73.71 77.85 4.14 2.9 71.42 77.85 66.94
NBP Q1 27 76.63 80.57 3.94 2.6 74.27 80.57 69.91
NBP SUM2026 72.29 76.90 4.61 2.72 69.37 76.90 63.35
NBP WIN2026 75.15 79.20 4.05 2.75 72.83 79.20 68.41
NBP SUM2027 59.92 62.53 2.61 1.18 59.35 62.53 57.74
NBP WIN2027 67.02 68.68 1.66 0.45 67.33 70.12 65.81
NBP SUM2028 53.75 54.59 0.84 -0.93 55.27 58.00 53.62

British short-term gas prices rose on Thursday, driven by continued cold
weather boosting demand and sustaining concerns over low gas inventories. As
a result, NBP spot rose by 1.5% to 102 p/therm.

Along the forward curve, the gas price for Sum-26 delivery surged by over 6%
to 76.90 p/therm. Despite a drop in US natural gas futures and a rebound at
some US LNG terminals, several facilities—including Freeport LNG—are still
operating below capacity, creating upward pressure on prices amid tightening
supply and higher weather-driven demand.