Page 14 - 2025 HEG Daily Energy Market Report

Friday, December 5, 2025

GAS (p/therm)

WED THU VAR D-1 VAR W-1 AVG. MAX MIN
3/12 4/12 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 72.50 68.10 -4.4 -6.8 90.16 145.30 63.10
NBP JAN26 73.34 70.03 -3.31 -6.44 97.68 134.39 70.03
NBP FEB26 73.16 69.92 -3.24 -6.16 97.28 132.94 69.92
NBP MAR26 70.08 67.42 -2.66 -5.36 93.54 128.75 67.42
NBP APR26 67.75 65.38 -2.37 -4.51 86.30 112.71 65.38
NBP MAY26 66.80 64.64 -2.16 -3.7 82.33 106.22 64.64
NBP JUN26 66.00 63.99 -2.01 -3.59 80.62 104.44 63.99
NBP JUL26 65.60 63.44 -2.16 -3.93 80.47 104.01 63.44
NBP AUG26 66.53 64.42 -2.11 -3.89 81.29 104.42 64.42
NBP SEP26 67.76 65.59 -2.17 -4.01 82.27 104.79 65.59
NBP OCT26 68.21 66.20 -2.01 -4.13 84.02 105.09 66.20
NBP NOV26 72.81 70.80 -2.01 -4.1 87.63 105.19 70.80
NBP DEC26 74.75 71.70 -3.05 -5.3 89.47 105.80 71.70
NBP Q1 26 72.16 69.10 -3.06 -5.98 96.13 132.00 69.10
NBP Q2 26 66.85 64.67 -2.18 -3.93 83.07 107.64 64.67
NBP Q3 26 66.62 64.47 -2.15 -3.94 81.33 104.40 64.47
NBP Q4 26 71.91 69.55 -2.36 -4.52 87.03 105.34 69.55
NBP SUM2026 66.73 64.57 -2.16 -3.94 82.20 106.00 64.57
NBP WIN2026 73.27 70.97 -2.3 -4.53 88.03 104.61 70.97
NBP SUM2027 62.38 60.98 -1.4 -2.94 72.30 81.89 60.98
NBP WIN2027 71.25 69.79 -1.46 -2.47 79.57 86.86 69.79
NBP SUM2028 59.07 58.20 -0.87 -1.6 65.99 71.72 58.20

The British spot gas price dipped by 6% to 68.10 p/therm on Thursday, weighed
by strong LNG flows, milder weather, and restored Norwegian supply following
Troll (8 mcm/day) and Visund (14 mcm/day) outages. On the forward curve, the
Summer 2026 delivery contract decreased by 3.2%, settling at 64.57 p/therm,
as weak Asian LNG demand kept European supplies ample, with Asia’s
benchmark LNG price falling to a 3.5-month low.