Page 74 - 2025 HEG Daily Energy Market Report

GAS (p/therm)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
20/11 21/11 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 82.25 79.00 -3.25 -1.75 90.70 145.30 63.10
NBP DEC25 81.51 78.56 -2.95 -3.83 97.92 135.00 78.56
NBP JAN26 82.47 79.79 -2.68 -3.49 98.56 134.39 79.79
NBP FEB26 82.39 79.59 -2.8 -3.86 98.15 132.94 79.59
NBP MAR26 78.97 76.32 -2.65 -4.01 94.39 128.75 76.32
NBP APR26 75.62 73.07 -2.55 -3.63 86.96 112.71 73.07
NBP MAY26 73.71 70.98 -2.73 -3.72 82.90 106.22 70.98
NBP JUN26 73.11 70.40 -2.71 -3.13 81.15 104.44 70.40
NBP JUL26 72.67 70.00 -2.67 -3.58 81.00 104.01 70.00
NBP AUG26 73.60 70.92 -2.68 -3.61 81.82 104.42 70.92
NBP SEP26 74.88 72.21 -2.67 -3.62 82.79 104.79 72.21
NBP OCT26 75.42 72.90 -2.52 -3.55 84.59 105.09 72.90
NBP NOV26 80.21 77.47 -2.74 -4.03 88.16 105.19 77.47
NBP Q1 26 81.24 78.53 -2.71 -3.79 97.00 132.00 78.53
NBP Q2 26 74.14 71.48 -2.66 -3.49 83.66 107.64 71.48
NBP Q3 26 73.70 71.03 -2.67 -3.6 81.86 104.40 71.03
NBP Q4 26 79.30 76.64 -2.66 -3.78 87.57 105.34 76.64
NBP SUM2026 73.92 71.25 -2.67 -3.55 82.76 106.00 71.25
NBP WIN2026 80.75 78.05 -2.7 -3.81 88.55 104.61 78.05
NBP SUM2027 67.44 65.39 -2.05 -3.21 72.66 81.89 65.39
NBP WIN2027 76.17 74.30 -1.87 -3.04 79.87 86.86 74.30
NBP SUM2028 62.47 61.09 -1.38 -2.34 66.25 71.72 61.09

British gas prices fell on Friday amid Ukraine-Russia peace talks and warmer
weather. Hence, NBP spot dropped by 4.0% to 79.00 p/therm. On the curve,
the contract for delivery in Q1 2026 declined by 3.3% to end at 78.56 p/therm.

UK Gas Months

OIL ($/bbl)
THU FRI VAR D-1 VAR W-1 AVG. MAX MIN
20/11 21/11 FROM THE BEGINNING OF THIS YEAR
BRENT USD/BBL 63.38 62.56 -0.82 -1.83 68.92 82.03 60.23
BRENT DEC26 61.91 61.41 -0.5 -1.65 65.99 71.56 61.41
BRENT DEC27 62.90 62.65 -0.25 -1.04 66.25 70.10 62.65

Crude oil prices inched lower on Friday, weighed by potentially peace talks
between Russia and Ukraine. Hence, Brent crude closed at $62.56 barrel, or a
1.3% fall.