Page 70 - 2025 HEG Daily Energy Market Report

Thursday, February 19, 2026

GAS (p/therm)

TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
17/2 18/2 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 73.00 71.25 -1.75 -8.17 87.24 105.00 71.25
NBP MAR26 71.13 76.41 5.28 1.27 79.70 95.20 66.34
NBP APR26 70.28 74.45 4.17 1.68 73.78 84.33 64.52
NBP MAY26 69.70 73.30 3.6 0.82 71.58 79.56 63.61
NBP JUN26 68.84 72.07 3.23 0.72 69.98 76.91 62.69
NBP JUL26 67.89 71.15 3.26 0.82 69.13 75.69 62.36
NBP AUG26 67.97 71.09 3.12 0.66 69.33 75.89 62.76
NBP SEP26 69.20 72.24 3.04 0.57 70.48 77.01 64.03
NBP OCT26 69.01 71.79 2.78 0.53 69.91 76.07 63.64
NBP NOV26 73.09 75.79 2.7 0.56 73.53 79.60 67.58
NBP DEC26 75.56 78.00 2.44 0.57 75.60 81.48 69.62
NBP JAN27 78.04 80.27 2.23 0.49 77.52 83.52 71.31
NBP FEB27 77.14 79.87 2.73 0.39 77.44 83.56 71.23
NBP Q2 26 69.61 73.27 3.66 1.07 71.78 80.26 63.67
NBP Q3 26 68.34 71.49 3.15 0.69 69.64 76.19 63.04
NBP Q4 26 72.55 75.19 2.64 0.56 73.01 79.04 66.94
NBP Q1 27 75.73 78.32 2.59 0.44 76.00 82.13 69.91
NBP SUM2026 68.97 72.37 3.4 0.87 70.70 78.21 63.35
NBP WIN2026 74.12 76.74 2.62 0.5 74.49 80.57 68.41
NBP SUM2027 60.80 62.03 1.23 1.28 60.14 63.59 57.74
NBP WIN2027 66.94 67.97 1.03 1.52 67.33 70.12 65.81
NBP SUM2028 53.81 53.90 0.09 1.28 54.56 58.00 52.62

British forward wholesale gas prices rebounded on Wednesday, amid renewed
risk of a potential US war with Iran that could disrupt supply. Hence the Q3
2026 contract closed at 71.49 p/therm, or a 5% increase on the day.
Meanwhile, near price contacts declined due to warmer weather. As a result,
the NBP spot price fell by 2.4% to 71.25 p/therm.