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European OTC 2017 natural gas trade falls 8.8% on year: LEBA

London (Platts)--11 Jan 2018 808 am EST/1308 GMT


European natural gas over-the-counter liquidity posted an annual loss for the first time in at least six years in 2017 with both TTF and NBP traded volumes falling on an annual basis, data from the London Energy Brokers' Association showed.


  • First annual decrease since at least 2011
  • TTF OTC trade accounts for 53.7% of total
  • NBP OTC trade falls for third straight year

Total European gas OTC traded volumes in 2017 fell 8.8% year on year to 29,062 TWh; in 2016 liquidity had posted an annual increase of 10.8%.

Liquidity on the Dutch TTF hub -- Europe's most liquid market -- fell back to 15,592 TWh in 2017 from the 16,560 TWh recorded in 2016; however, TTF traded volumes increased their share of the European total to 53.7% last year from 52.0% in 2016.

Traded volumes on the UK's NBP hub fell for a third straight year in 2017, dropping 13.5% to 8,238 TWh and down 37.1% from the 13,093 TWh recorded back in 2011.

Liquidity on the remaining European gas hubs stood at 5,232 TWh in 2017, down 9.5% from 2016.

Nonetheless, several European gas hubs saw record liquidity in 2017, with Germany's GASPOOL hub at 993 TWh, the French gas hubs at 477 TWh and the Italian PSV hub at 879 TWh.

OTC TRADED VOLUME (TWh)
2017
2016
Change
% Change
TTF
15,592
16,560
-968
-5.8
NBP
8,238
9,528
-1,290
-13.5
NCG
1,490
1,785
-295
-16.5
GASPOOL
993
989
4
0.3
PSV
879
855
24
2.8
ZEE
507
752
-245
-32.6
PEG/TRS
477
471
6
1.2
VTP
443
494
-51
-10.3
Other
443
438
5
1.2
TOTAL
29,062
31,873
-2,811
-8.8

Source: LEBA

--Gary Hornby, gary.hornby@spglobal.com
--Edited by Jonathan Fox, jonathan.fox@spglobal.com

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