Page 26 - 2025 HEG Daily Energy Market Report

Thursday, December 11, 2025

GAS (p/therm)

TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
9/12 10/12 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 69.50 67.50 -2 -5 89.77 145.30 63.10
NBP JAN26 72.29 69.70 -2.59 -3.64 97.24 134.39 69.70
NBP FEB26 71.13 68.62 -2.51 -4.54 96.83 132.94 68.62
NBP MAR26 68.20 66.01 -2.19 -4.07 93.11 128.75 66.01
NBP APR26 65.80 63.93 -1.87 -3.82 85.95 112.71 63.93
NBP MAY26 64.92 63.03 -1.89 -3.77 82.03 106.22 63.03
NBP JUN26 64.23 62.31 -1.92 -3.69 80.34 104.44 62.31
NBP JUL26 64.01 62.25 -1.76 -3.35 80.19 104.01 62.25
NBP AUG26 64.36 62.60 -1.76 -3.93 81.00 104.42 62.60
NBP SEP26 65.57 63.85 -1.72 -3.91 81.99 104.79 63.85
NBP OCT26 66.09 64.10 -1.99 -4.11 83.72 105.09 64.10
NBP NOV26 70.39 68.53 -1.86 -4.28 87.34 105.19 68.53
NBP DEC26 72.20 70.31 -1.89 -4.44 89.18 105.80 70.31
NBP Q1 26 70.52 68.09 -2.43 -4.07 95.69 132.00 68.09
NBP Q2 26 64.98 63.09 -1.89 -3.76 82.76 107.64 63.09
NBP Q3 26 64.64 62.89 -1.75 -3.73 81.05 104.40 62.89
NBP Q4 26 69.55 67.64 -1.91 -4.27 86.74 105.34 67.64
NBP SUM2026 64.81 62.99 -1.82 -3.74 81.90 106.00 62.99
NBP WIN2026 70.91 69.06 -1.85 -4.21 87.74 104.61 69.06
NBP SUM2027 60.60 59.41 -1.19 -2.97 72.11 81.89 59.41
NBP WIN2027 69.83 68.38 -1.45 -2.87 79.40 86.86 68.38
NBP SUM2028 57.63 56.79 -0.84 -2.28 65.86 71.72 56.79

The British spot gas price dipped by around 3% to 67.50 p/therm due to ample
LNG and Norwegian pipeline supplies. On the forward curve, the Summer 2026
delivery contract dropped by 2.8%, settling at 63 p/therm, weighed by negative
investor sentiment. ICE data showed speculators’ net short position in TTF
futures rose to about 85 TWh last Friday, up 35 TWh week-on-week, reflecting
bearish investor outlook across European gas markets.