Page 142 - 2025 HEG Daily Energy Market Report

Friday, January 23, 2026

GAS (p/therm)

WED THU VAR D-1 VAR W-1 AVG. MAX MIN
21/1 22/1 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 105.00 99.20 -5.8 8.95 84.55 105.00 73.35
NBP FEB26 103.68 100.75 -2.93 14 83.72 103.68 70.84
NBP MAR26 91.08 88.44 -2.64 9.71 76.33 91.08 66.34
NBP APR26 80.03 78.43 -1.6 7.47 70.34 80.03 64.52
NBP MAY26 76.87 75.16 -1.71 6.49 68.56 76.87 63.61
NBP JUN26 75.44 73.72 -1.72 6.43 67.39 75.44 62.69
NBP JUL26 74.16 72.24 -1.92 5.38 66.84 74.16 62.36
NBP AUG26 74.26 72.40 -1.86 5.29 67.04 74.26 62.76
NBP SEP26 75.37 73.24 -2.13 5 68.13 75.37 64.03
NBP OCT26 73.77 71.99 -1.78 4.63 67.64 73.77 63.64
NBP NOV26 76.95 75.24 -1.71 5.31 70.98 76.95 67.58
NBP DEC26 78.84 77.64 -1.2 5.79 72.92 78.84 69.62
NBP JAN27 80.30 79.29 -1.01 5.26 74.70 80.30 71.31
NBP Q2 26 77.44 75.76 -1.68 6.79 68.76 77.44 63.67
NBP Q3 26 74.59 72.62 -1.97 5.23 67.33 74.59 63.04
NBP Q4 26 76.52 74.95 -1.57 5.24 70.51 76.52 66.94
NBP Q1 27 79.22 77.97 -1.25 5.65 73.32 79.22 69.91
NBP SUM2026 76.01 74.18 -1.83 6 68.04 76.01 63.35
NBP WIN2026 77.85 76.45 -1.4 5.45 71.90 77.85 68.41
NBP SUM2027 61.60 61.35 -0.25 3.61 59.06 61.60 57.74
NBP WIN2027 68.50 68.23 -0.27 2.4 67.38 70.12 65.81
NBP SUM2028 55.80 55.52 -0.28 1.06 55.66 58.00 53.99

The British spot gas price dropped by 5.5% to 99.20 p/therm on Thursday,
weighed by milder weather forecasts and higher nominations from Norway.
Further along the curve, the Summer 2026 delivery contract decreased by 2.4%
to 74.18 p/therm, reflecting a partial correction, with storage still-low at 48.4%.
Meanwhile, expected extreme cold in the US raises the risk of Texas pipeline
freeze-offs, which could disrupt LNG flows.