Page 66 - 2025 HEG Daily Energy Market Report
P. 66
Friday, February 20, 2026
GAS (p/therm)
WED THU VAR D-1 VAR W-1 AVG. MAX MIN
18/2 19/2 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 71.25 79.65 8.4 -1.27 87.09 105.00 71.25
NBP MAR26 76.41 82.07 5.66 4.84 79.76 95.20 66.34
NBP APR26 74.45 80.77 6.32 6.02 73.98 84.33 64.52
NBP MAY26 73.30 79.36 6.06 5.32 71.80 79.56 63.61
NBP JUN26 72.07 77.92 5.85 5.57 70.21 77.92 62.69
NBP JUL26 71.15 76.67 5.52 5.46 69.35 76.67 62.36
NBP AUG26 71.09 76.61 5.52 5.36 69.54 76.61 62.76
NBP SEP26 72.24 77.66 5.42 5.13 70.69 77.66 64.03
NBP OCT26 71.79 77.26 5.47 5.08 70.12 77.26 63.64
NBP NOV26 75.79 81.27 5.48 5.09 73.75 81.27 67.58
NBP DEC26 78.00 83.46 5.46 4.48 75.83 83.46 69.62
NBP JAN27 80.27 85.80 5.53 4.82 77.76 85.80 71.31
NBP FEB27 79.87 85.25 5.38 4.47 77.67 85.25 71.23
NBP Q2 26 73.27 79.35 6.08 5.63 71.99 80.26 63.67
NBP Q3 26 71.49 76.97 5.48 5.32 69.85 76.97 63.04
NBP Q4 26 75.19 80.66 5.47 4.88 73.23 80.66 66.94
NBP Q1 27 78.32 83.75 5.43 4.54 76.22 83.75 69.91
NBP SUM2026 72.37 78.15 5.78 5.47 70.92 78.21 63.35
NBP WIN2026 76.74 82.19 5.45 4.72 74.71 82.19 68.41
NBP SUM2027 62.03 64.45 2.42 2.59 60.27 64.45 57.74
NBP WIN2027 67.97 69.57 1.6 1.79 67.39 70.12 65.81
NBP SUM2028 53.90 54.61 0.71 1.27 54.57 58.00 52.62
The British spot gas price spiked above 11% to 79.65 p/therm on Thursday,
after unexpected maintenance at the Ormen Lange gas field cut Norwegian
exports to Europe by about 11.8 mcm/day, with flows unlikely to normalise
before mid-next week. Further along the curve, the Summer 2026 delivery
contract advanced by 8% to 78.15 p/therm, supported by persistent supply
concerns and unresolved geopolitical tensions in the Middle East.
