Page 6 - 2025 HEG Daily Energy Market Report

Thursday, December 18, 2025

GAS (p/therm)

TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
16/12 17/12 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 69.10 70.10 1 2.6 89.38 145.30 63.10
NBP JAN26 70.72 72.43 1.71 2.73 96.73 134.39 69.70
NBP FEB26 68.88 70.53 1.65 1.91 96.30 132.94 68.62
NBP MAR26 66.05 67.39 1.34 1.38 92.59 128.75 66.01
NBP APR26 63.91 64.96 1.05 1.03 85.53 112.71 63.91
NBP MAY26 63.00 64.04 1.04 1.01 81.67 106.22 63.00
NBP JUN26 62.10 63.14 1.04 0.83 79.99 104.44 62.10
NBP JUL26 61.96 63.04 1.08 0.79 79.84 104.01 61.96
NBP AUG26 62.49 63.59 1.1 0.99 80.65 104.42 62.49
NBP SEP26 63.61 64.47 0.86 0.62 81.64 104.79 63.61
NBP OCT26 64.16 65.02 0.86 0.92 83.34 105.09 64.10
NBP NOV26 67.94 69.02 1.08 0.49 86.97 105.19 67.94
NBP DEC26 69.84 70.87 1.03 0.56 88.81 105.80 69.84
NBP Q1 26 68.54 70.10 1.56 2.01 95.17 132.00 68.09
NBP Q2 26 63.00 64.05 1.05 0.96 82.39 107.64 63.00
NBP Q3 26 62.68 63.69 1.01 0.8 80.70 104.40 62.68
NBP Q4 26 67.31 68.30 0.99 0.66 86.37 105.34 67.31
NBP SUM2026 62.84 63.87 1.03 0.88 81.54 106.00 62.84
NBP WIN2026 68.69 69.67 0.98 0.61 87.38 104.61 68.69
NBP SUM2027 58.60 59.45 0.85 0.04 71.86 81.89 58.60
NBP WIN2027 67.59 68.18 0.59 -0.2 79.18 86.86 67.59
NBP SUM2028 56.22 56.90 0.68 0.11 65.67 71.72 56.22

The British spot gas price rose by 1.5% to 70.10 p/therm on Wednesday,
boosted by an unplanned Aasgard outage expected to last until Monday and a
bullish spillover from Brent crude. Lower US LNG exports also supported
prices. On the curve, the Summer 2026 delivery contract soared by 1.6%,
settling at 63.87 p/therm, with storage 9% below seasonal norms, raising
withdrawal risks if cold weather continues into Q1.