Page 126 - 2025 HEG Daily Energy Market Report

Thursday, January 29, 2026

GAS (p/therm)

TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
27/1 28/1 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 102.20 100.50 -1.7 -4.5 88.30 105.00 73.35
NBP FEB26 100.92 100.41 -0.51 -3.27 87.55 104.67 70.84
NBP MAR26 91.92 90.61 -1.31 -0.47 79.60 93.09 66.34
NBP APR26 78.48 79.27 0.79 -0.76 72.23 80.54 64.52
NBP MAY26 72.36 73.26 0.9 -3.61 69.65 76.87 63.61
NBP JUN26 69.42 70.08 0.66 -5.36 68.12 75.44 62.69
NBP JUL26 68.11 69.72 1.61 -4.44 67.44 74.16 62.36
NBP AUG26 68.47 70.17 1.7 -4.09 67.67 74.26 62.76
NBP SEP26 69.75 71.36 1.61 -4.01 68.78 75.37 64.03
NBP OCT26 68.70 70.53 1.83 -3.24 68.16 73.77 63.64
NBP NOV26 72.30 74.07 1.77 -2.88 71.55 76.95 67.58
NBP DEC26 74.74 76.53 1.79 -2.31 73.56 78.84 69.62
NBP JAN27 76.39 78.15 1.76 -2.15 75.32 80.30 71.31
NBP Q2 26 73.41 74.19 0.78 -3.25 70.00 77.44 63.67
NBP Q3 26 68.77 70.41 1.64 -4.18 67.96 74.59 63.04
NBP Q4 26 71.91 73.71 1.8 -2.81 71.08 76.52 66.94
NBP Q1 27 74.92 76.63 1.71 -2.59 73.94 79.22 69.91
NBP SUM2026 71.07 72.29 1.22 -3.72 68.97 76.01 63.35
NBP WIN2026 73.40 75.15 1.75 -2.7 72.49 77.85 68.41
NBP SUM2027 58.87 59.92 1.05 -1.68 59.18 61.60 57.74
NBP WIN2027 66.25 67.02 0.77 -1.48 67.26 70.12 65.81
NBP SUM2028 53.62 53.75 0.13 -2.05 55.31 58.00 53.62

The British spot gas price fell by 1.7% to 100.50 p/therm on Wednesday,
weighed by expectations of higher US LNG inflows and steady Norwegian
supply. Further along the curve, the Summer 2026 delivery contract advanced
by 1.7% to 72.29 p/therm, supported by tight storage and the risk of colder
weather, with EU gas inventories at 44%, down 5 points on the week and 12
points below last year.