Prospex Research Ltd

Prospex Research

European Gas Trading

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We estimate that total European natural gas trading volumes rose by 13% in 2015 to a record high of just over 46,000 TWh.

The market has continued to grow in the first half of 2016 - we estimate that total European gas trading volumes increased by 16% year on year.

This 238 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 54 tables and 45 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 govern the opening of gas markets to competition and the development of European network codes. It discusses the regulation on energy markets integrity and transparency (REMIT) that came into force at the end of 2011, and reviews progress in the implementation of European financial market regulations that will affect some forms of gas trading activity.

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 steady growth in trading activity that occurred during 2015, building on a strong increase in 2014. 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 and futures 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 – Access to Infrastructure

This chapter reviews arrangements for access to gas transmission networks and other key infrastructure. It assesses the state of implementation of European network codes for system balancing, capacity allocation and congestion management.

Chapter 7 – Gas Prices

This chapter starts with a survey of the market events that drove gas prices during 2015 and H1 2016. 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 8 – 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 by considering the recent mergers and acquisitions involving European gas companies.

Chapter 9 – Definitions and Conversion Factors

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


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