Page 66 - 2025 HEG Daily Energy Market Report

Thursday, November 27, 2025

GAS (p/therm)

TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
25/11 26/11 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 77.30 76.00 -1.3 -5.7 90.57 145.30 63.10
NBP DEC25 76.70 76.53 -0.17 -4.75 97.65 135.00 76.53
NBP JAN26 77.86 77.40 -0.46 -4.9 98.29 134.39 77.40
NBP FEB26 77.34 77.00 -0.34 -5.39 97.89 132.94 77.00
NBP MAR26 74.19 73.63 -0.56 -5.29 94.13 128.75 73.63
NBP APR26 71.21 70.67 -0.54 -4.87 86.77 112.71 70.67
NBP MAY26 69.64 69.03 -0.61 -4.64 82.73 106.22 69.03
NBP JUN26 68.67 68.17 -0.5 -4.75 80.99 104.44 68.17
NBP JUL26 68.50 67.99 -0.51 -4.61 80.85 104.01 67.99
NBP AUG26 69.41 68.88 -0.53 -4.67 81.66 104.42 68.88
NBP SEP26 70.70 70.17 -0.53 -4.68 82.64 104.79 70.17
NBP OCT26 71.37 70.90 -0.47 -4.51 84.42 105.09 70.90
NBP NOV26 75.95 75.47 -0.48 -4.73 88.00 105.19 75.47
NBP Q1 26 76.43 75.98 -0.45 -5.18 96.73 132.00 75.98
NBP Q2 26 69.84 69.29 -0.55 -4.75 83.49 107.64 69.29
NBP Q3 26 69.52 69.00 -0.52 -4.65 81.71 104.40 69.00
NBP Q4 26 75.11 74.64 -0.47 -4.65 87.42 105.34 74.64
NBP SUM2026 69.68 69.14 -0.54 -4.71 82.59 106.00 69.14
NBP WIN2026 76.45 76.07 -0.38 -4.67 88.40 104.61 76.07
NBP SUM2027 64.49 64.49 0 -2.94 72.55 81.89 64.49
NBP WIN2027 72.73 72.81 0.08 -3.36 79.78 86.86 72.73
NBP SUM2028 60.00 60.35 0.35 -2.11 66.17 71.72 60.00

The British spot gas price fell by 1.7% to 76 p/therm on Wednesday, weighed
by forecasts for a mild start to December and ample gas supply across Europe.
On the forward curve, the Summer 2026 delivery contract declined by 0.8%,
settling at 69.14 p/therm, as geopolitical tensions softened following Zelensky’s
speech to European leaders, in which he broadly backed a US peace proposal
with only minor reservations.