GAS UK Natural Gas · NBP
Day-Ahead
198.84p/therm −5.70 · −2.8%
30d 129.10 – 204.54 close 11 Sep 2026
Charts
The market, drawn daily
ICD reports everyday on the wider energy complex, and what's moving the UK energy and carbon markets. The dashboard below is drawn from the previous close — live rates sit behind the Tribar client portal.
01 · Market board
Every contract, at the close
Spot ladder and seasonal forwards for UK gas and power — priced at the 11 Sep 2026 close, with the last thirty trading days drawn behind each.
GAS UK Natural Gas · NBP
Month-Ahead
199.17p/therm −5.99 · −2.9%
30d 128.94 – 205.16 close 11 Sep 2026
GAS UK Natural Gas · NBP
Quarter-Ahead
202.00p/therm −5.39 · −2.6%
30d 131.90 – 207.38 close 11 Sep 2026
GAS UK Natural Gas · NBP
Season-Ahead
200.67p/therm −5.37 · −2.6%
30d 129.41 – 206.04 close 11 Sep 2026
GAS UK Natural Gas · NBP
WIN 26
200.67p/therm −5.37 · −2.6%
30d 129.41 – 206.04 close 11 Sep 2026
GAS UK Natural Gas · NBP
SUM 27
134.73p/therm −1.63 · −1.2%
30d 86.85 – 136.36 close 11 Sep 2026
GAS UK Natural Gas · NBP
WIN 27
128.10p/therm −1.40 · −1.1%
30d 86.88 – 129.50 close 11 Sep 2026
GAS UK Natural Gas · NBP
SUM 28
80.65p/therm −0.78 · −1.0%
30d 65.12 – 81.42 close 11 Sep 2026
PWR UK Electricity · Baseload
Day-Ahead
176.00£/MWh +12.50 · +7.7%
30d 72.76 – 176.00 close 11 Sep 2026
PWR UK Electricity · Baseload
Month-Ahead
153.22£/MWh −3.87 · −2.5%
30d 110.54 – 157.08 close 11 Sep 2026
PWR UK Electricity · Baseload
Quarter-Ahead
159.80£/MWh −3.92 · −2.4%
30d 113.46 – 163.72 close 11 Sep 2026
PWR UK Electricity · Baseload
Season-Ahead
161.02£/MWh −3.14 · −1.9%
30d 112.31 – 164.16 close 11 Sep 2026
PWR UK Electricity · Baseload
WIN 26
161.02£/MWh −3.14 · −1.9%
30d 112.31 – 164.16 close 11 Sep 2026
PWR UK Electricity · Baseload
SUM 27
108.64£/MWh −0.01 · −0.0%
30d 78.51 – 108.65 close 11 Sep 2026
PWR UK Electricity · Baseload
WIN 27
108.27£/MWh −0.67 · −0.6%
30d 81.00 – 108.94 close 11 Sep 2026
PWR UK Electricity · Baseload
SUM 28
70.48£/MWh −0.60 · −0.8%
30d 62.34 – 71.07 close 11 Sep 2026
02 · Momentum
What moved, and how fast
Percentage moves over one, five and thirty trading days, with where each contract's latest close sits inside its thirty-day range.
| Contract | 1 day | 5 days | 30 days | 30-day range |
|---|---|---|---|---|
| UK Natural Gas · NBP | ||||
| Day-Aheadp/therm | −2.8% | +11.8% | +40.9% | |
| Month-Aheadp/therm | −2.9% | +11.3% | +40.3% | |
| Quarter-Aheadp/therm | −2.6% | +11.4% | +39.8% | |
| Season-Aheadp/therm | −2.6% | +11.7% | +42.3% | |
| WIN 26p/therm | −2.6% | +11.7% | +42.3% | |
| SUM 27p/therm | −1.2% | +12.2% | +49.4% | |
| WIN 27p/therm | −1.1% | +9.9% | +43.1% | |
| SUM 28p/therm | −1.0% | +3.4% | +21.6% | |
| UK Electricity · Baseload | ||||
| Day-Ahead£/MWh | +7.7% | +77.8% | +18.0% | |
| Month-Ahead£/MWh | −2.5% | +9.5% | +28.2% | |
| Quarter-Ahead£/MWh | −2.4% | +9.5% | +30.7% | |
| Season-Ahead£/MWh | −1.9% | +10.4% | +34.4% | |
| WIN 26£/MWh | −1.9% | +10.4% | +34.4% | |
| SUM 27£/MWh | −0.0% | +9.7% | +33.2% | |
| WIN 27£/MWh | −0.6% | +8.4% | +30.0% | |
| SUM 28£/MWh | −0.8% | +0.7% | +11.6% | |
03 · The gas curve
NBP monthlies, out to 2030
Every monthly gas contract still ahead of delivery, priced at the latest close against one month before. The shaded bands are winter delivery.
Latest close · 11 Sep 2026
One month ago · 11 Aug 2026
p/therm
View as table
| Contract | Latest close (p/therm) | One month ago |
|---|---|---|
| OCT 26 | 198.76 | 145.30 |
| NOV 26 | 202.25 | 148.87 |
| DEC 26 | 203.72 | 150.45 |
| JAN 27 | 204.53 | 150.86 |
| FEB 27 | 202.56 | 146.70 |
| MAR 27 | 192.44 | 130.93 |
| APR 27 | 155.55 | 105.93 |
| MAY 27 | 137.56 | 91.60 |
| JUN 27 | 131.15 | 89.04 |
| JUL 27 | 128.92 | 87.06 |
| AUG 27 | 128.28 | 89.24 |
| SEP 27 | 127.22 | 88.65 |
| OCT 27 | 126.29 | 88.29 |
| NOV 27 | 129.99 | 92.74 |
| DEC 27 | 132.09 | 93.92 |
| JAN 28 | 131.69 | 93.86 |
| FEB 28 | 129.62 | 93.23 |
| MAR 28 | 119.06 | 85.80 |
| APR 28 | 89.56 | 74.00 |
| MAY 28 | 81.60 | 68.38 |
| JUN 28 | 78.89 | 66.85 |
| JUL 28 | 77.58 | 64.96 |
| AUG 28 | 77.58 | 64.93 |
| SEP 28 | 78.85 | 65.97 |
| OCT 28 | 84.13 | 71.00 |
| NOV 28 | 86.96 | 73.76 |
| DEC 28 | 89.22 | 76.07 |
| JAN 29 | 90.80 | 77.44 |
| FEB 29 | 89.50 | 77.00 |
| MAR 29 | 86.44 | 74.27 |
| APR 29 | 72.23 | 64.82 |
| MAY 29 | 68.31 | 61.47 |
| JUN 29 | 66.51 | 59.65 |
| JUL 29 | 65.68 | 59.11 |
| AUG 29 | 66.28 | 59.76 |
| SEP 29 | 67.61 | 60.95 |
| OCT 29 | 72.23 | 66.86 |
| NOV 29 | 74.81 | 69.51 |
| DEC 29 | 76.92 | 71.56 |
| JAN 30 | 78.28 | 72.62 |
| FEB 30 | 78.58 | 72.93 |
| MAR 30 | 76.79 | 71.22 |
| APR 30 | 70.58 | 66.01 |
| MAY 30 | 68.20 | 63.78 |
| JUN 30 | 65.82 | 61.55 |
| JUL 30 | 64.05 | 59.54 |
| AUG 30 | 63.65 | 59.00 |
| SEP 30 | 65.08 | 59.81 |
| OCT 30 | 71.66 | 66.48 |
| NOV 30 | 74.44 | 69.25 |
| DEC 30 | 76.40 | 71.23 |
04 · Seasonal context
The curve, at five sittings
Each seasonal forward priced at the latest close and four earlier sittings — one week, one, three and six months back. Each sitting keeps its own colour, red being the latest close. A tight fan is a quiet market; a wide one is a re-pricing.
Last close · 11 Sep 26
1 week ago · 4 Sep 26
1 month ago · 11 Aug 26
3 months ago · 11 Jun 26
6 months ago · 11 Mar 26
View as table
| Season | Last close (p/therm) | 1 week ago | 1 month ago | 3 months ago | 6 months ago |
|---|---|---|---|---|---|
| WIN 26 | 200.67 | 179.65 | 145.48 | 124.28 | 116.13 |
| SUM 27 | 134.73 | 120.06 | 91.87 | 87.28 | 80.76 |
| WIN 27 | 128.10 | 116.54 | 91.28 | 87.51 | 81.77 |
| SUM 28 | 80.65 | 77.98 | 67.49 | 65.09 | 59.20 |
| WIN 28 | 87.82 | 85.42 | 74.89 | 73.38 | 65.75 |
| SUM 29 | 67.75 | 66.19 | 60.94 | 58.57 | 55.48 |
| WIN 29 | 76.24 | 74.45 | 70.75 | 67.96 | 65.73 |
Last close · 11 Sep 26
1 week ago · 4 Sep 26
1 month ago · 11 Aug 26
3 months ago · 11 Jun 26
6 months ago · 11 Mar 26
View as table
| Season | Last close (£/MWh) | 1 week ago | 1 month ago | 3 months ago | 6 months ago |
|---|---|---|---|---|---|
| WIN 26 | 161.02 | 145.83 | 122.68 | 106.54 | 93.77 |
| SUM 27 | 108.64 | 99.03 | 81.12 | 78.16 | 70.73 |
| WIN 27 | 108.27 | 99.87 | 83.67 | 80.26 | 74.67 |
| SUM 28 | 70.48 | 69.99 | 63.81 | 60.91 | 58.43 |
| WIN 28 | 80.67 | 78.55 | 71.58 | 69.64 | 65.90 |
| SUM 29 | 68.16 | 65.51 | 62.21 | 61.27 | 59.80 |
| WIN 29 | 74.73 | 73.06 | 71.27 | 69.95 | 67.43 |
05 · Curve shift
Six months, season by season
Each seasonal forward's close six months ago against the latest — the re-pricing of forward winters and summers.
View as table
| Season | Six months ago | Latest close | Change |
|---|---|---|---|
| Gas WIN 26 | 116.13 p/therm | 200.67 p/therm | +72.8% |
| Gas SUM 27 | 80.76 p/therm | 134.73 p/therm | +66.8% |
| Gas WIN 27 | 81.77 p/therm | 128.10 p/therm | +56.7% |
| Gas SUM 28 | 59.20 p/therm | 80.65 p/therm | +36.2% |
| Gas WIN 28 | 65.75 p/therm | 87.82 p/therm | +33.6% |
| Gas SUM 29 | 55.48 p/therm | 67.75 p/therm | +22.1% |
| Gas WIN 29 | 65.73 p/therm | 76.24 p/therm | +16.0% |
| Power WIN 26 | 93.77 £/MWh | 161.02 £/MWh | +71.7% |
| Power SUM 27 | 70.73 £/MWh | 108.64 £/MWh | +53.6% |
| Power WIN 27 | 74.67 £/MWh | 108.27 £/MWh | +45.0% |
| Power SUM 28 | 58.43 £/MWh | 70.48 £/MWh | +20.6% |
| Power WIN 28 | 65.90 £/MWh | 80.67 £/MWh | +22.4% |
| Power SUM 29 | 59.80 £/MWh | 68.16 £/MWh | +14.0% |
| Power WIN 29 | 67.43 £/MWh | 74.73 £/MWh | +10.8% |
06 · Daily evolution
Eighteen months, drawn daily
Every active seasonal forward's daily close — drag the zoom presets to interrogate the move.
07 · Gas vs power
Two years, one index
Month-ahead gas and baseload power, weekly closes indexed to 100 at 13 Sep 2024 — two units, one honest axis.
Gas · NBP month-ahead
Power · UKB month-ahead
indexed, 13 Sep 2024 = 100
View as table
| Week ending | Gas index | Gas (p/therm) | Power index | Power (£/MWh) |
|---|---|---|---|---|
| 13 Sep 2024 | 100.0 | 86.02 | 100.0 | 73.04 |
| 20 Sep 2024 | 96.8 | 83.27 | 95.7 | 69.93 |
| 27 Sep 2024 | 106.3 | 91.41 | 104.5 | 76.33 |
| 4 Oct 2024 | 118.6 | 101.99 | 119.1 | 86.98 |
| 11 Oct 2024 | 114.7 | 98.64 | 117.2 | 85.63 |
| 18 Oct 2024 | 113.5 | 97.60 | 116.8 | 85.32 |
| 25 Oct 2024 | 128.0 | 110.07 | 131.4 | 96.00 |
| 1 Nov 2024 | 114.4 | 98.37 | 122.1 | 89.20 |
| 8 Nov 2024 | 124.0 | 106.63 | 122.9 | 89.77 |
| 15 Nov 2024 | 135.3 | 116.40 | 131.2 | 95.85 |
| 22 Nov 2024 | 135.7 | 116.69 | 130.5 | 95.33 |
| 29 Nov 2024 | 136.1 | 117.09 | 132.3 | 96.60 |
| 6 Dec 2024 | 134.1 | 115.35 | 134.8 | 98.48 |
| 13 Dec 2024 | 119.5 | 102.79 | 122.4 | 89.38 |
| 20 Dec 2024 | 126.5 | 108.84 | 128.0 | 93.51 |
| 27 Dec 2024 | 138.4 | 119.06 | 141.3 | 103.18 |
| 3 Jan 2025 | 144.1 | 123.97 | 140.6 | 102.67 |
| 10 Jan 2025 | 132.6 | 114.07 | 127.5 | 93.10 |
| 17 Jan 2025 | 138.4 | 119.04 | 131.9 | 96.35 |
| 24 Jan 2025 | 144.7 | 124.51 | 145.4 | 106.18 |
| 31 Jan 2025 | 154.9 | 133.23 | 157.8 | 115.25 |
| 7 Feb 2025 | 157.5 | 135.48 | 152.6 | 111.47 |
| 14 Feb 2025 | 142.4 | 122.47 | 138.4 | 101.07 |
| 21 Feb 2025 | 128.5 | 110.51 | 125.9 | 91.99 |
| 28 Feb 2025 | 123.2 | 105.98 | 123.1 | 89.94 |
| 7 Mar 2025 | 112.4 | 96.66 | 111.7 | 81.59 |
| 14 Mar 2025 | 120.7 | 103.85 | 119.2 | 87.05 |
| 21 Mar 2025 | 119.9 | 103.13 | 122.0 | 89.10 |
| 28 Mar 2025 | 114.0 | 98.08 | 117.2 | 85.62 |
| 4 Apr 2025 | 102.9 | 88.49 | 100.0 | 73.05 |
| 11 Apr 2025 | 96.2 | 82.76 | 98.0 | 71.55 |
| 17 Apr 2025 | 101.2 | 87.01 | 103.1 | 75.32 |
| 25 Apr 2025 | 90.4 | 77.77 | 99.2 | 72.43 |
| 2 May 2025 | 92.6 | 79.63 | 101.0 | 73.80 |
| 9 May 2025 | 95.9 | 82.48 | 103.4 | 75.50 |
| 16 May 2025 | 97.0 | 83.42 | 103.3 | 75.42 |
| 23 May 2025 | 101.5 | 87.33 | 106.5 | 77.78 |
| 30 May 2025 | 93.4 | 80.38 | 97.5 | 71.22 |
| 6 Jun 2025 | 98.7 | 84.90 | 104.8 | 76.55 |
| 13 Jun 2025 | 103.8 | 89.27 | 111.8 | 81.65 |
| 20 Jun 2025 | 111.2 | 95.66 | 112.1 | 81.88 |
| 27 Jun 2025 | 88.4 | 76.05 | 97.8 | 71.40 |
| 4 Jul 2025 | 92.0 | 79.12 | 99.1 | 72.38 |
| 11 Jul 2025 | 99.3 | 85.44 | 104.0 | 75.95 |
| 18 Jul 2025 | 92.9 | 79.92 | 99.1 | 72.40 |
| 25 Jul 2025 | 91.4 | 78.65 | 100.0 | 73.05 |
| 1 Aug 2025 | 96.9 | 83.33 | 105.7 | 77.20 |
| 8 Aug 2025 | 91.9 | 79.09 | 105.7 | 77.24 |
| 15 Aug 2025 | 88.6 | 76.23 | 100.7 | 73.52 |
| 22 Aug 2025 | 96.7 | 83.14 | 106.9 | 78.08 |
| 29 Aug 2025 | 90.6 | 77.95 | 101.6 | 74.18 |
| 5 Sep 2025 | 93.9 | 80.75 | 101.9 | 74.43 |
| 12 Sep 2025 | 96.0 | 82.60 | 102.3 | 74.75 |
| 19 Sep 2025 | 95.5 | 82.18 | 104.0 | 75.95 |
| 26 Sep 2025 | 96.9 | 83.32 | 101.8 | 74.38 |
| 3 Oct 2025 | 95.2 | 81.87 | 111.9 | 81.71 |
| 10 Oct 2025 | 96.5 | 83.03 | 113.5 | 82.92 |
| 17 Oct 2025 | 95.0 | 81.75 | 113.8 | 83.12 |
| 24 Oct 2025 | 95.1 | 81.82 | 108.4 | 79.21 |
| 31 Oct 2025 | 94.0 | 80.86 | 109.2 | 79.78 |
| 7 Nov 2025 | 95.2 | 81.90 | 110.6 | 80.79 |
| 14 Nov 2025 | 96.1 | 82.65 | 113.1 | 82.58 |
| 21 Nov 2025 | 92.0 | 79.10 | 111.8 | 81.68 |
| 28 Nov 2025 | 87.5 | 75.24 | 112.6 | 82.24 |
| 5 Dec 2025 | 82.0 | 70.55 | 107.9 | 78.83 |
| 12 Dec 2025 | 84.0 | 72.22 | 112.2 | 81.93 |
| 19 Dec 2025 | 85.9 | 73.91 | 117.2 | 85.58 |
| 26 Dec 2025 | 85.2 | 73.25 | 116.8 | 85.32 |
| 2 Jan 2026 | 85.0 | 73.11 | 114.7 | 83.75 |
| 9 Jan 2026 | 82.4 | 70.84 | 113.4 | 82.83 |
| 16 Jan 2026 | 106.7 | 91.80 | 143.8 | 105.02 |
| 23 Jan 2026 | 114.2 | 98.26 | 145.9 | 106.56 |
| 30 Jan 2026 | 110.7 | 95.20 | 137.1 | 100.17 |
| 6 Feb 2026 | 95.5 | 82.18 | 113.6 | 83.00 |
| 13 Feb 2026 | 87.3 | 75.10 | 101.4 | 74.08 |
| 20 Feb 2026 | 89.3 | 76.82 | 101.2 | 73.90 |
| 27 Feb 2026 | 90.9 | 78.23 | 100.4 | 73.31 |
| 6 Mar 2026 | 156.0 | 134.17 | 139.1 | 101.63 |
| 13 Mar 2026 | 147.9 | 127.19 | 132.5 | 96.79 |
| 20 Mar 2026 | 174.3 | 149.97 | 145.7 | 106.42 |
| 27 Mar 2026 | 158.6 | 136.39 | 135.8 | 99.20 |
| 2 Apr 2026 | 146.4 | 125.95 | 131.3 | 95.90 |
| 10 Apr 2026 | 127.0 | 109.21 | 119.1 | 87.01 |
| 17 Apr 2026 | 111.7 | 96.12 | 112.8 | 82.39 |
| 24 Apr 2026 | 129.3 | 111.23 | 123.2 | 90.01 |
| 1 May 2026 | 129.1 | 111.06 | 127.3 | 92.98 |
| 8 May 2026 | 124.6 | 107.17 | 126.4 | 92.30 |
| 15 May 2026 | 142.8 | 122.82 | 140.5 | 102.62 |
| 22 May 2026 | 136.3 | 117.24 | 137.7 | 100.58 |
| 29 May 2026 | 128.1 | 110.23 | 136.4 | 99.66 |
| 5 Jun 2026 | 136.3 | 117.21 | 140.9 | 102.89 |
| 12 Jun 2026 | 130.1 | 111.95 | 135.1 | 98.70 |
| 19 Jun 2026 | 117.7 | 101.24 | 129.7 | 94.71 |
| 26 Jun 2026 | 113.5 | 97.67 | 124.4 | 90.89 |
| 3 Jul 2026 | 125.7 | 108.14 | 132.5 | 96.76 |
| 10 Jul 2026 | 135.7 | 116.74 | 139.9 | 102.20 |
| 17 Jul 2026 | 162.1 | 139.42 | 158.0 | 115.38 |
| 24 Jul 2026 | 176.8 | 152.04 | 174.1 | 127.18 |
| 31 Jul 2026 | 164.5 | 141.54 | 165.4 | 120.78 |
| 7 Aug 2026 | 158.2 | 136.12 | 158.5 | 115.74 |
| 14 Aug 2026 | 173.7 | 149.40 | 169.2 | 123.62 |
| 21 Aug 2026 | 190.0 | 163.46 | 176.2 | 128.68 |
| 28 Aug 2026 | 188.8 | 162.38 | 178.4 | 130.34 |
| 4 Sep 2026 | 208.0 | 178.90 | 191.5 | 139.89 |
| 11 Sep 2026 | 231.5 | 199.17 | 209.8 | 153.22 |
Levels from ICD chart data as of 11 Sep 2026. Closes are indicative; live rates and the full chart suite are available through the Tribar client portal.