Page 14 - 2025 HEG Daily Energy Market Report

Wednesday, March 11, 2026

GAS (p/therm)

MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
9/3 10/3 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 140.00 116.50 -23.5 -20.5 91.26 140.00 71.25
NBP APR26 143.53 120.63 -22.9 -20.36 82.58 143.53 64.52
NBP MAY26 141.50 118.46 -23.04 -16.86 80.30 141.50 63.61
NBP JUN26 135.07 114.43 -20.64 -13.53 78.04 135.07 62.69
NBP JUL26 129.95 110.53 -19.42 -10.58 76.42 129.95 62.36
NBP AUG26 128.98 110.06 -18.92 -9.07 76.32 128.98 62.76
NBP SEP26 129.42 110.70 -18.72 -6.42 77.30 129.42 64.03
NBP OCT26 127.67 108.85 -18.82 -6.47 76.57 127.67 63.64
NBP NOV26 129.37 110.60 -18.77 -5.22 79.91 129.37 67.58
NBP DEC26 131.72 112.84 -18.88 -2.58 81.92 131.72 69.62
NBP JAN27 130.40 112.54 -17.86 1.77 83.27 130.40 71.31
NBP FEB27 128.46 111.49 -16.97 6.94 82.73 128.46 71.23
NBP MAR27 118.76 101.78 -16.98 5.75 77.76 118.76 67.33
NBP Q2 26 140.05 117.85 -22.2 -16.91 80.31 140.05 63.67
NBP Q3 26 129.45 110.43 -19.02 -8.71 76.67 129.45 63.04
NBP Q4 26 129.59 110.77 -18.82 -4.75 79.46 129.59 66.94
NBP Q1 27 125.79 108.51 -17.28 4.75 81.21 125.79 69.91
NBP SUM2026 134.72 114.12 -20.6 -12.79 78.48 134.72 63.35
NBP WIN2026 127.71 109.65 -18.06 -0.05 80.32 127.71 68.41
NBP SUM2027 89.65 80.01 -9.64 6.18 63.00 89.65 57.74
NBP WIN2027 86.53 80.63 -5.9 10.04 68.82 86.53 65.81
NBP SUM2028 59.90 58.10 -1.8 4.37 54.66 59.90 52.62

Easing geopolitical fears pushed the NBP spot gas down 17% to 116.50
p/therm on Tuesday as French officials said Paris is coordinating with the US,
Gulf states, and European partners to reopen Hormuz shipping. Still,
suspended Qatari LNG via the Strait remains a major risk. Along the curve, the
Summer 2026 delivery contract dropped by 15% to 114.12 p/therm amid
Israel’s partial gas exports to Egypt and anticipated US LNG supply from
Golden Pass.