Page 77 - 2025 HEG Daily Energy Market Report

Friday, November 21, 2025

GAS (p/therm)

WED THU VAR D-1 VAR W-1 AVG. MAX MIN
19/11 20/11 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 81.70 82.25 0.55 13.75 90.80 145.30 63.10
NBP DEC25 81.28 81.51 0.23 1.48 98.00 135.00 80.03
NBP JAN26 82.30 82.47 0.17 1.24 98.64 134.39 81.23
NBP FEB26 82.39 82.39 0 0.97 98.23 132.94 81.42
NBP MAR26 78.92 78.97 0.05 0.43 94.47 128.75 78.54
NBP APR26 75.54 75.62 0.08 0.13 87.03 112.71 75.49
NBP MAY26 73.67 73.71 0.04 0.48 82.95 106.22 73.23
NBP JUN26 72.92 73.11 0.19 0.47 81.20 104.44 71.89
NBP JUL26 72.60 72.67 0.07 0.27 81.05 104.01 72.40
NBP AUG26 73.55 73.60 0.05 0.15 81.87 104.42 73.26
NBP SEP26 74.85 74.88 0.03 0.48 82.84 104.79 73.41
NBP OCT26 75.41 75.42 0.01 -0.13 84.64 105.09 75.41
NBP NOV26 80.20 80.21 0.01 -0.45 88.20 105.19 80.20
NBP Q1 26 81.16 81.24 0.08 0.88 97.08 132.00 80.36
NBP Q2 26 74.04 74.14 0.1 0.36 83.72 107.64 73.78
NBP Q3 26 73.65 73.70 0.05 0.29 81.91 104.40 73.04
NBP Q4 26 79.29 79.30 0.01 -0.27 87.62 105.34 79.29
NBP SUM2026 73.85 73.92 0.07 0.33 82.81 106.00 73.59
NBP WIN2026 80.74 80.75 0.01 -0.26 88.60 104.61 80.74
NBP SUM2027 67.43 67.44 0.01 -0.48 72.69 81.89 67.41
NBP WIN2027 76.17 76.18 0.01 -0.53 79.89 86.86 75.08
NBP SUM2028 62.46 62.47 0.01 -0.74 66.27 71.72 62.46

British gas prices were bullish on Thursday amid stronger carbon prices, colder
weather and stronger demand. NBP spot price rose by 0.7% to 82.25 p/therm.
On the curve, the contract for delivery in Q2 2026 ended at 74.14 p/therm, or a
0.1%.