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Tuesday, December 2, 2025GAS (p/therm) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 28/111/12FROM THE BEGINNING OF THIS YEARNBP SPOT75.30 72.35-2.95-5.6590.33145.3063.10NBP JAN2675.29 73.83-1.46-4.9698.00134.3973.83NBP FEB2675.14 73.76-1.38-4.6497.60132.9473.76NBP MAR2671.84 70.55-1.29-4.5693.85128.7570.55NBP APR2669.17 67.92-1.25-4.4486.54112.7167.92NBP MAY2667.70 66.55-1.15-3.8182.54106.2266.55NBP JUN2666.84 65.90-0.94-3.4980.81104.4465.90NBP JUL2666.63 65.51-1.12-3.7880.66104.0165.51NBP AUG2667.57 66.45-1.12-3.7681.48104.4266.45NBP SEP2668.86 67.73-1.13-3.7782.46104.7967.73NBP OCT2669.58 68.32-1.26-3.8584.23105.0968.32NBP NOV2674.04 72.88-1.16-3.8787.82105.1972.88NBP DEC2676.14 74.99-1.15-3.8589.67105.8074.99NBP Q1 2674.06 72.68-1.38-4.7296.45132.0072.68NBP Q2 2667.90 66.79-1.11-3.9183.29107.6466.79NBP Q3 2667.67 66.55-1.12-3.7781.53104.4066.55NBP Q4 2673.24 72.05-1.19-3.8687.23105.3472.05NBP SUM202667.79 66.67-1.12-3.8482.40106.0066.67NBP WIN202674.66 73.49-1.17-3.7688.22104.6173.49NBP SUM202763.06 62.50-0.56-2.2272.4381.8962.50NBP WIN202771.55 71.41-0.14-2.1679.6886.8671.41NBP SUM202859.10 59.01-0.09-1.566.0871.7259.01Mild weather and ample LNG availability, including record-level exports from theUS to Europe this November, pushed the British spot gas price down by 4% to72.35 p/therm on Monday. On the forward curve, the Summer 2026 deliverycontract fell by 1.7%, settling at 66.67 p/therm, as Washington and Kyivsignalled progress in peace-plan talks, while expectations of higher LNGavailability over the next 12 months reduced sensitivity to short-term supplydisruptions.