Page 94 - 2025 HEG Daily Energy Market Report

Wednesday, February 11, 2026

GAS (p/therm)

MON TUE VAR D-1 VAR W-1 AVG. MAX MIN
9/2 10/2 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 82.70 79.25 -3.45 -1.18 89.17 105.00 73.35
NBP MAR26 78.95 74.45 -4.5 -4.07 80.75 95.20 66.34
NBP APR26 76.51 72.81 -3.7 -1.09 73.94 84.33 64.52
NBP MAY26 75.35 72.12 -3.23 -0.15 71.42 79.56 63.61
NBP JUN26 73.56 70.91 -2.65 0.27 69.73 76.91 62.69
NBP JUL26 72.57 70.07 -2.5 0.28 68.94 75.69 62.36
NBP AUG26 72.70 70.17 -2.53 0.19 69.17 75.89 62.76
NBP SEP26 74.05 71.57 -2.48 0.44 70.31 77.01 64.03
NBP OCT26 73.55 71.59 -1.96 1.19 69.68 76.07 63.64
NBP NOV26 77.55 75.59 -1.96 1.41 73.21 79.60 67.58
NBP DEC26 79.27 77.23 -2.04 1.27 75.21 81.48 69.62
NBP JAN27 81.27 79.50 -1.77 1.45 77.06 83.52 71.31
NBP FEB27 81.17 79.40 -1.77 1.29 77.04 83.56 71.23
NBP Q2 26 75.14 71.95 -3.19 -0.32 71.69 80.26 63.67
NBP Q3 26 73.10 70.59 -2.51 0.3 69.46 76.19 63.04
NBP Q4 26 76.78 74.79 -1.99 1.28 72.69 79.04 66.94
NBP Q1 27 79.90 78.02 -1.88 1.34 75.62 82.13 69.91
NBP SUM2026 74.11 71.27 -2.84 -0.01 70.57 78.21 63.35
NBP WIN2026 78.32 76.39 -1.93 1.31 74.14 80.57 68.41
NBP SUM2027 61.55 60.79 -0.76 1.07 59.90 63.59 57.74
NBP WIN2027 67.29 66.76 -0.53 0.61 67.35 70.12 65.81
NBP SUM2028 53.49 52.96 -0.53 -0.25 54.84 58.00 52.96

The British spot gas price dropped by 4% to 79.25 p/therm on Tuesday, driven
by firm Norwegian pipeline flows and expectations that mild weather would curb
heating demand, easing pressure on storage. Further along the curve, the
Summer 2026 delivery contract fell by 3.8% to 71.27 p/therm, as a large influx
of US LNG, expected to account for about 70% of Europe’s record 4.7 bcm
imports this week, weighed on the market.