Current numerical weather prediction models, including those from Spain’s AEMET and the ECMWF ensemble, indicate a most probable daily maximum temperature of 33–35°C for Madrid on July 13, directly supporting the market’s highest implied probabilities on those outcomes. This range aligns with mid-July climatology, where average highs reach approximately 34°C under subtropical high-pressure dominance and typical dry, sunny conditions with modest southerly flow. No strong heatwave signals or anomalous upper-level ridging appear in recent model runs, keeping probabilities for 36°C or higher below 10 percent while limiting downside risk below 33°C. Traders are weighting the latest short-range guidance, which shows stable steering patterns and limited day-to-day variability through the resolution window.