Page 81 - 2025 HEG Daily Energy Market Report

Thursday, November 20, 2025

GAS (p/therm)

TUE WED VAR D-1 VAR W-1 AVG. MAX MIN
18/11 19/11 FROM THE BEGINNING OF THIS YEAR
NBP SPOT 83.15 81.70 -1.45 13.7 90.83 145.30 63.10
NBP DEC25 83.50 81.28 -2.22 0.03 98.07 135.00 80.03
NBP JAN26 84.22 82.30 -1.92 -0.21 98.71 134.39 81.23
NBP FEB26 84.20 82.39 -1.81 -0.21 98.30 132.94 81.42
NBP MAR26 80.87 78.92 -1.95 -0.64 94.54 128.75 78.54
NBP APR26 76.97 75.54 -1.43 -0.77 87.08 112.71 75.49
NBP MAY26 74.76 73.67 -1.09 -0.39 82.99 106.22 73.23
NBP JUN26 73.77 72.92 -0.85 -0.55 81.23 104.44 71.89
NBP JUL26 73.68 72.60 -1.08 -0.61 81.09 104.01 72.40
NBP AUG26 74.63 73.55 -1.08 -0.7 81.90 104.42 73.26
NBP SEP26 75.93 74.85 -1.08 -0.36 82.88 104.79 73.41
NBP OCT26 76.49 75.41 -1.08 -1.01 84.68 105.09 75.41
NBP NOV26 81.28 80.20 -1.08 -1.08 88.24 105.19 80.20
NBP Q1 26 83.06 81.16 -1.9 -0.36 97.14 132.00 80.36
NBP Q2 26 75.16 74.04 -1.12 -0.57 83.76 107.64 73.78
NBP Q3 26 74.73 73.65 -1.08 -0.56 81.95 104.40 73.04
NBP Q4 26 80.37 79.29 -1.08 -0.99 87.66 105.34 79.29
NBP SUM2026 74.95 73.85 -1.1 -0.56 82.85 106.00 73.59
NBP WIN2026 81.85 80.74 -1.11 -0.93 88.63 104.61 80.74
NBP SUM2027 68.44 67.43 -1.01 -1.06 72.71 81.89 67.41
NBP WIN2027 77.18 76.17 -1.01 -0.89 79.91 86.86 75.08
NBP SUM2028 63.24 62.46 -0.78 -0.82 66.28 71.72 62.46

The British spot gas price fell by 1.7% to 81.70 p/therm on Wednesday, amid
expectations of milder weather for the coming two weeks, higher LNG imports,
and renewed Norwegian flows. On the forward curve, the Summer 2026
delivery contract dropped by 1.5%, settling at 73.85 p/therm, as longer-term
regional supply diversification, supported by Ukraine’s new northern corridor via
Lithuania, eased upside risks.