Page 94 - Demo

Tuesday, September 9, 2025GAS (p/therm) FRIMON VAR D-1 VAR W-1AVG.MAXMIN 5/98/9FROM THE BEGINNING OF THIS YEARNBP SPOT77.35 81.153.81.994.53145.3075.10NBP OCT2577.89 81.023.132.4695.50134.3276.54NBP NOV2583.51 86.142.632.62100.02133.5282.72NBP DEC2587.14 89.552.412.37102.13135.0086.39NBP JAN2688.67 91.122.452.49102.50134.3987.46NBP FEB2688.75 91.282.532.55101.94132.9487.38NBP MAR2684.66 87.202.542.4798.07128.7583.34NBP APR2680.61 82.411.81.6289.50112.7178.38NBP MAY2677.77 79.571.81.9384.92106.2274.74NBP JUN2676.63 78.431.81.9482.87104.4471.89NBP JUL2676.29 78.051.761.9282.78104.0172.46NBP AUG2677.51 79.251.742.0683.50104.4273.26NBP SEP2678.81 80.561.751.984.40104.7973.41NBP Q4 2582.84 85.562.722.4899.21133.9981.96NBP Q1 2687.31 89.822.512.5100.80132.0086.02NBP Q2 2678.33 80.131.81.8385.75107.6475.00NBP Q3 2677.52 79.271.751.9683.55104.4073.04NBP WIN202585.05 87.672.622.49100.00133.0083.97NBP SUM202677.92 79.701.781.984.64106.0074.01NBP WIN202685.65 87.031.381.6189.92104.6180.91NBP SUM202771.88 72.860.980.8273.2581.8967.41NBP WIN202779.72 80.620.90.7880.1286.8675.08The NBP spot price climbed by 5% to 81.15 p/therm, lifted by colder Octoberforecasts, Norwegian maintenance, and expectations of reduced LNG arrivalsas Asia draws more cargoes. Further along the curve, the Winter 2025 deliverycontract soared by over 3% to 87.67 p/therm, driven by geopolitical risk afterRussia’s largest aerial strike of the war. While energy assets were unaffected,EU policymakers are weighing faster measures to phase out Russian imports.