Page 50 - 2025 HEG Daily Energy Market Report

Thursday, February 26, 2026

GAS (p/therm)

TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
24/2 25/2 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 75.34 73.35 -1.99 2.1 86.08 105.00 71.25
NBP MAR26 74.47 74.89 0.42 -1.52 79.38 95.20 66.34
NBP APR26 74.17 74.94 0.77 0.49 74.15 84.33 64.52
NBP MAY26 73.88 74.64 0.76 1.34 72.16 79.56 63.61
NBP JUN26 73.20 73.74 0.54 1.67 70.62 77.92 62.69
NBP JUL26 71.86 72.72 0.86 1.57 69.72 76.67 62.36
NBP AUG26 72.18 72.87 0.69 1.78 69.90 76.61 62.76
NBP SEP26 73.48 74.16 0.68 1.92 71.07 77.66 64.03
NBP OCT26 73.43 74.11 0.68 2.32 70.56 77.26 63.64
NBP NOV26 77.44 78.13 0.69 2.34 74.23 81.27 67.58
NBP DEC26 79.67 80.36 0.69 2.36 76.32 83.46 69.62
NBP JAN27 81.25 81.78 0.53 1.51 78.23 85.80 71.31
NBP FEB27 81.02 81.55 0.53 1.68 78.11 85.25 71.23
NBP Q2 26 73.75 74.44 0.69 1.17 72.31 80.26 63.67
NBP Q3 26 72.50 73.24 0.74 1.75 70.22 76.97 63.04
NBP Q4 26 76.84 77.53 0.69 2.34 73.70 80.66 66.94
NBP Q1 27 79.49 80.02 0.53 1.7 76.66 83.75 69.91
NBP SUM2026 73.12 73.84 0.72 1.47 71.26 78.21 63.35
NBP WIN2026 78.15 78.76 0.61 2.02 75.16 82.19 68.41
NBP SUM2027 62.79 62.44 -0.35 0.41 60.52 64.45 57.74
NBP WIN2027 68.21 67.82 -0.39 -0.15 67.51 70.12 65.81
NBP SUM2028 53.53 53.28 -0.25 -0.62 54.50 58.00 52.62

The British spot gas price dropped by 2.6% to 73.35 p/therm on Wednesday,
amid expectations of softer demand and healthy short-term supply levels. Along
the forward curve, however, the Summer 2026 delivery contract gained 1% to
73.84 p/therm, as geopolitical tensions in the Middle East continued to fuel
concerns over potential LNG disruptions.