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UK NBP OTC natural gas liquidity falls to 19-month low in July: LEBA

Highlights

NBP traded volume down 17% on year, 29% lower on month

Total European liquidity up 12% on year, TTF supports

Zeebrugge traded volume lowest since at least 2013

London — Over-the-counter traded volume on the UK's NBP natural gas hub fell to its lowest in 19 months in July as overall European gas liquidity fell back from June's levels, data released by the London Energy Brokers' Association showed Tuesday.

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NBP liquidity during July fell 17% year on year and by a more substantial 29% month on month to 481 TWh, the lowest traded volume for the hub since December 2016.

NBP liquidity for the first seven months of this year stood at 4,531 TWh, down 8% on an annual basis and the lowest for the January-July period since at least 2011.

On the Dutch TTF hub, traded volume in July of 1,356 TWh was a nine-month low and came in 16% lower on a monthly basis but 33% higher on an annual basis, with January-July liquidity of 11,934 TWh stood 35% higher year on year.

Liquidity on the Belgian Zeebrugge hubs stood at its lowest since at least 2013 last month, with 26 TWh representing a fall of 32% on the month and a drop of 17% on the year.

Traded volume on the German NCG and GASPOOL hubs came in at 114 TWh and 57 TWh, respectively, in July, with NCG liquidity largely flat month on month compared to GASPOOL's steep monthly fall of 45% to a 19-month low.

On the Italian PSV hub, traded volume in July stood at 79 TWh, largely steady with the 84 TWh seen during June but comfortably higher than the 58 TWh from July 2017.

The Austrian VTP hub saw traded volume of 33 TWh, lower both on the month and on the year by 29% and 17%, respectively.

Liquidity on the French PEG Nord hub stood at 26 TWh last month, with traded volume on the French TRS hub at 2 TWh.

Traded volume on remaining European gas hubs combined came in at 37 TWh in July, 4% higher month on month and 10% higher on an annual basis.

--Gary Hornby, gary.hornby@spglobal.com

--Edited by Jonathan Fox, jonathan.fox@spglobal.com