Page 34 - 2025 HEG Daily Energy Market Report
P. 34
Wednesday, March 4, 2026
GAS (p/therm)
MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
2/3 3/3 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 114.00 137.00 23 61.66 86.89 137.00 71.25
NBP APR26 113.79 140.99 27.2 66.82 76.83 140.99 64.52
NBP MAY26 108.95 135.32 26.37 61.44 74.75 135.32 63.61
NBP JUN26 103.69 127.96 24.27 54.76 73.00 127.96 62.69
NBP JUL26 99.30 121.11 21.81 49.25 71.86 121.11 62.36
NBP AUG26 97.50 119.13 21.63 46.95 71.94 119.13 62.76
NBP SEP26 96.60 117.12 20.52 43.64 72.99 117.12 64.03
NBP OCT26 93.15 115.32 22.17 41.89 72.40 115.32 63.64
NBP NOV26 95.03 115.82 20.79 38.38 75.96 115.82 67.58
NBP DEC26 96.26 115.42 19.16 35.75 77.99 115.42 69.62
NBP JAN27 96.46 110.77 14.31 29.52 79.67 110.77 71.31
NBP FEB27 94.00 104.55 10.55 23.53 79.34 104.55 71.23
NBP MAR27 87.11 96.03 8.92 19.68 74.82 96.03 67.33
NBP Q2 26 108.81 134.76 25.95 61.01 74.86 134.76 63.67
NBP Q3 26 97.81 119.14 21.33 46.64 72.25 119.14 63.04
NBP Q4 26 94.81 115.52 20.71 38.68 75.44 115.52 66.94
NBP Q1 27 92.47 103.76 11.29 24.27 77.90 103.76 69.91
NBP SUM2026 103.28 126.91 23.63 53.79 73.55 126.91 63.35
NBP WIN2026 93.66 109.70 16.04 31.55 76.66 109.70 68.41
NBP SUM2027 67.22 73.83 6.61 11.04 61.13 73.83 57.74
NBP WIN2027 70.13 70.59 0.46 2.38 67.70 70.59 65.81
NBP SUM2028 54.03 53.73 -0.3 0.2 54.44 58.00 52.62
On Tuesday, the British spot gas price jumped 20% to 137 p/therm, driven by
QatarEnergy’s halt in LNG production at Ras Laffan terminal and persistent
constraints across global supply chains. Further along the curve, the Summer
2026 delivery contract rallied by roughly 23% to 126.91 p/therm, as traders
reassessed geopolitical exposure amid intensifying Middle East conflict.
