Prospex Research Ltd

Prospex Research

European Gas Trading

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In 2017, we estimate that total traded volumes at European gas hubs decreased by 2% on the year to just over 50,000 TWh.

This 178 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 41 tables and 46 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.

Chapter 2 – Gas Market Infrastructure

This chapter provides an overview of EC gas infrastructure planning, projects of common interest (PCIs), 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 presents the overall performance of European gas trading during 2017 and the individual performance of each of the main trading markets. It provides analysis of trading volumes in comparison to physical gas consumption, and of the distribution of trading activity and growth or contraction in the exchange and OTC trading sectors.

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 2017 and H1 2018. It presents analysis of the recent development of price volatility and price spreads that are key to trading profit. It discusses the linkages between international gas prices, as well as the main price drivers and the role of oil indexation in European gas.

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 reviews 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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