Page 141 - 2025 HEG Daily Energy Market Report

Tuesday, October 21, 2025

GAS (p/therm)

FRI MON VAR D-1 VAR W-1 AVG. MAX MIN
17/10 20/10 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 79.40 77.60 -1.8 -2.05 92.32 145.30 67.83
NBP NOV25 80.69 80.30 -0.39 0.09 97.58 133.52 80.01
NBP DEC25 82.68 82.11 -0.57 -0.07 99.76 135.00 82.11
NBP JAN26 84.25 83.59 -0.66 -0.42 100.31 134.39 83.59
NBP FEB26 84.34 83.75 -0.59 -0.53 99.85 132.94 83.75
NBP MAR26 80.97 80.36 -0.61 -0.64 96.03 128.75 80.36
NBP APR26 77.31 76.67 -0.64 -0.63 88.13 112.71 76.67
NBP MAY26 75.01 74.39 -0.62 -0.54 83.85 106.22 74.39
NBP JUN26 74.54 73.92 -0.62 -0.52 81.97 104.44 71.89
NBP JUL26 74.24 73.62 -0.62 -0.34 81.83 104.01 72.46
NBP AUG26 75.32 74.70 -0.62 -0.44 82.62 104.42 73.26
NBP SEP26 76.33 75.68 -0.65 -0.86 83.59 104.79 73.41
NBP OCT26 76.60 76.00 -0.6 -0.85 85.45 105.09 76.00
NBP Q1 26 83.15 82.53 -0.62 -0.53 98.69 132.00 82.53
NBP Q2 26 75.61 74.99 -0.62 -0.56 84.64 107.64 74.99
NBP Q3 26 75.29 74.66 -0.63 -0.54 82.67 104.40 73.04
NBP Q4 26 80.99 80.38 -0.61 -1.06 88.33 105.34 79.86
NBP SUM2026 75.45 74.82 -0.63 -0.55 83.65 106.00 74.01
NBP WIN2026 82.47 81.90 -0.57 -1.04 89.27 104.61 80.91
NBP SUM2027 69.91 69.77 -0.14 -0.64 73.05 81.89 67.41
NBP WIN2027 78.25 78.03 -0.22 -0.71 80.11 86.86 75.08
NBP SUM2028 65.24 64.98 -0.26 -0.79 66.50 71.72 62.79

The British spot gas price dropped by 2.3% to 77.60 p/therm on Monday,
weighed down by higher wind generation and anticipated stronger Norwegian
flows. On the forward curve, the Summer 2026 delivery contract fell by 0.8% to
74.82 p/therm, though losses were capped after the EU Council agreed to
eliminate all Russian gas imports by 2028, matching the European
Commission’s plan but a year earlier than the EU Parliament had proposed.