Page 118 - Demo

Wednesday, March 11, 2026GAS (p/therm) MONTUEVAR D-1 VAR W-1AVG.MAXMIN 9/310/3FROM THE BEGINNING OF THIS YEARNBP SPOT140.00 116.50-23.5-20.591.26140.0071.25NBP APR26143.53 120.63-22.9-20.3682.58143.5364.52NBP MAY26141.50 118.46-23.04-16.8680.30141.5063.61NBP JUN26135.07 114.43-20.64-13.5378.04135.0762.69NBP JUL26129.95 110.53-19.42-10.5876.42129.9562.36NBP AUG26128.98 110.06-18.92-9.0776.32128.9862.76NBP SEP26129.42 110.70-18.72-6.4277.30129.4264.03NBP OCT26127.67 108.85-18.82-6.4776.57127.6763.64NBP NOV26129.37 110.60-18.77-5.2279.91129.3767.58NBP DEC26131.72 112.84-18.88-2.5881.92131.7269.62NBP JAN27130.40 112.54-17.861.7783.27130.4071.31NBP FEB27128.46 111.49-16.976.9482.73128.4671.23NBP MAR27118.76 101.78-16.985.7577.76118.7667.33NBP Q2 26140.05 117.85-22.2-16.9180.31140.0563.67NBP Q3 26129.45 110.43-19.02-8.7176.67129.4563.04NBP Q4 26129.59 110.77-18.82-4.7579.46129.5966.94NBP Q1 27125.79 108.51-17.284.7581.21125.7969.91NBP SUM2026134.72 114.12-20.6-12.7978.48134.7263.35NBP WIN2026127.71 109.65-18.06-0.0580.32127.7168.41NBP SUM202789.6580.01-9.646.1863.0089.6557.74NBP WIN202786.5380.63-5.910.0468.8286.5365.81NBP SUM202859.9058.10-1.84.3754.6659.9052.62Easing geopolitical fears pushed the NBP spot gas down 17% to 116.50p/therm on Tuesday as French officials said Paris is coordinating with the US,Gulf states, and European partners to reopen Hormuz shipping. Still,suspended Qatari LNG via the Strait remains a major risk. Along the curve, theSummer 2026 delivery contract dropped by 15% to 114.12 p/therm amidIsrael’s partial gas exports to Egypt and anticipated US LNG supply fromGolden Pass.