Page 50 - Demo

Wednesday, December 10, 2025GAS (p/therm) MONTUEVAR D-1 VAR W-1AVG.MAXMIN 8/129/12FROM THE BEGINNING OF THIS YEARNBP SPOT66.75 69.502.75-3.289.84145.3063.10NBP JAN2670.53 72.291.76-1.0597.35134.3970.03NBP FEB2669.59 71.131.54-2.0896.95132.9469.59NBP MAR2666.88 68.201.32-1.8993.22128.7566.88NBP APR2664.56 65.801.24-1.7686.04112.7164.56NBP MAY2663.70 64.921.22-1.5382.11106.2263.70NBP JUN2663.19 64.231.04-1.5380.41104.4463.19NBP JUL2663.06 64.010.95-1.4580.26104.0163.06NBP AUG2663.23 64.361.13-2.0281.07104.4263.23NBP SEP2664.29 65.571.28-2.0582.06104.7964.29NBP OCT2664.92 66.091.17-2.1583.80105.0964.92NBP NOV2669.62 70.390.77-2.4587.41105.1969.62NBP DEC2671.39 72.200.81-2.5589.25105.8071.39NBP Q1 2668.98 70.521.54-1.6695.80132.0068.98NBP Q2 2663.81 64.981.17-1.6182.84107.6463.81NBP Q3 2663.52 64.641.12-1.8381.12104.4063.52NBP Q4 2668.63 69.550.92-2.3886.82105.3468.63NBP SUM202663.67 64.811.14-1.7281.98106.0063.67NBP WIN202670.02 70.910.89-2.4187.81104.6170.02NBP SUM202760.34 60.600.26-1.7872.1681.8960.34NBP WIN202769.49 69.830.34-1.6279.4586.8669.49NBP SUM202857.97 57.63-0.34-1.6765.8971.7257.63The British spot gas price soared by over 4% to 69.50 p/therm on Tuesday,supported by increased gas for power demand due to lower wind powerproduction. On the forward curve, the Summer 2026 delivery contract increasedby 1.8%, settling at 64.81 p/therm, as a cold spell in the US raised exportconcerns, while arbitrage margins for LNG cargoes to Europe remainfavourable but slightly narrowed.