Prospex Research Ltd

Prospex Research

European Gas Trading

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In 2018, we estimate that the total volume of gas traded at European hubs rose by 5% to 52,604 TWh. This is a new annual trading volume record, beating the previous high of 51,145 TWh, set in 2016, by 3%.

This 126 page report offers a comprehensive analysis of European gas trading volumes, markets, brokers and exchanges, regulatory issues and more. The market’s dimensions and trends are profiled in 24 tables and 38 charts. The report is structured as follows:

Chapter 1 – European Gas Markets Profile

This chapter profiles the physical market for gas in Europe and its relationship to other world markets. It reviews the absolute and relative volumes and trends in gas produced and consumed in Europe, and Europe’s main sources of external supply. It places these in the context of global production, flows and consumption of natural gas.

Chapter 2 – 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 trading activity and the financial trading regulations that impact energy trading.

Chapter 3 - 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 2018 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 4 – 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 5 – Gas Prices

This chapter starts with a survey of the market events that drove gas prices during 2018 and H1 2019. 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 6 – Definitions and Conversion Factors

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

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