Prospex Research Ltd

Prospex Research

European Gas Trading

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We estimate that the total volume of gas traded at European hubs rose by 11% on the year in 2016 to a new record high of over 51,000 TWh.

This 235 page report offers a comprehensive analysis of European gas supply and demand, infrastructure, the trading market, brokers and exchanges, regulatory issues, top industry players, and more. The market’s dimensions and trends are profiled in 53 tables and 47 charts. The report is structured as follows:

Chapter 1 – European Gas Markets Profile

This chapter profiles the fundamentals of the European gas market, including the trends in gas reserves, production, consumption, imports and exports. It also considers the sources of seasonal flexibility and the likely potential for unconventional gas production in Europe.

Chapter 2 – Gas Market Infrastructure

This chapter provides an overview of EC gas infrastructure planning, projects of common interest (PCIs), and EEPR and CEF project funding initiatives. It reviews existing and planned gas infrastructure, including import and cross-border pipelines, LNG terminals and storage facilities.

Chapter 3 – Regulation

This chapter outlines the legislative and regulatory framework within which European gas trading occurs. It reviews the EU regulations that created the competitive market for gas and established detailed rules for market operation. It also reviews European regulation of energy and financial trading and European rules on security of supply for gas.

Chapter 4 – Trading Activity

This chapter reviews the development of trading volumes, including exchange and OTC activity, at Europe’s gas trading hubs. It documents the strong growth in Dutch gas trading activity that occurred during 2016, which contrasted with a contracting UK gas market. It gives details of the main traded instruments and describes the types of contract that are used in wholesale and retail markets. The final section reviews the key characteristics of each major national or regional market.

Chapter 5 – Trading Markets

This chapter reviews the trading venues for natural gas in Europe, covering the OTC markets, exchange spot, futures and options trading, and cleared OTC trading.  It includes a detailed analysis of trading volumes in each of these sectors and covers the characteristics, key features and performance of the exchanges on which gas can be traded.

Chapter 6 – Gas Prices

This chapter starts with a survey of the market events that drove gas prices during 2016 and H1 2017. It presents analysis of the recent development of price volatility and price spreads that are key to trading profit. It discusses the main price drivers and the role of oil indexation in European gas and concludes with an analysis of end-user prices in the household and industrial sectors.

Chapter 7 – Market Participants

This chapter profiles the leading physical gas suppliers in Europe. It reviews the main participants in the trading markets, including physical suppliers, trading companies, and banks, and summarises their membership at the leading hubs and exchanges. The chapter concludes with a review of the recent mergers and acquisitions involving European gas companies.

Chapter 8 – Definitions and Conversion Factors

This chapter explains the units, unit conversion factors and currency conversions used in this report.

 

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