European gas market

How flex price signals differ across TTF vs NBP | 10 Dec, 2018

The European gas market is formed around a well interconnected network of traded hubs. Liquidity at most of these hubs is limited to a short-term hori ...

European gas price rally hits reverse | 26 Nov, 2018

European hub prices doubled between July 2017 and September 2018.  50% of that move happened in Q3 2018. Through the objective barometer of market pr ...

Russian capacity to get gas into Europe | 05 Nov, 2018

As winter approaches the European gas market is looking east.  A tight market increases the importance of Russian flows to maintain orderly hub price ...

3 key factors driving European hub prices | 22 Oct, 2018

European hub prices have roughly doubled since Summer 2017 from 5 to 10 $/mmbtu (15 to 30 €/MWh).  Half of this price move has happened in a surge ...

Global gas market risk shifting to the upside | 08 Oct, 2018

Price behaviour is the most objective barometer of market balance.  And gas prices in 2018 are signalling a tightening market. Two price moves this y ...

Carbon surge driving up TTF & spot LNG prices | 17 Sep, 2018

A carbon price surge in Europe pulling up LNG prices in China? This may sound like a case of the butterfly effect. But the current tandem rise in carb ...

How fuel & carbon prices are driving switching | 10 Sep, 2018

Switching dynamics of gas for coal plant has been a key theme of this blog.  Power sector switching is one of three key mechanisms currently setting ...

European gas hub linkage to the LNG market | 27 Aug, 2018

LNG imports account for about 10% of European gas supply (~60 bcm in 2017). Remaining supply is split fairly evenly between domestic production (domin ...

European emissions: Germany in focus | 20 Aug, 2018

European carbon emissions have declined 10% over the last decade, mainly driven by a reduction in power plant emissions. Renewables have led policy ef ...

Global emissions: running to stand still | 16 Jul, 2018

Decarbonisation has rapidly become one of the driving forces of energy market evolution across the last decade. It is shaping the energy policy landsc ...

How FSRU’s are impacting LNG market evolution | 09 Jul, 2018

Floating Storage and Regasification Units (FSRU) combine the key elements of an LNG vessel and regas terminal in a single unit. This can significantly ...

Next LNG supply wave: the 5 major players | 18 Jun, 2018

The current wave of new LNG supply consists of more than 150 mtpa of committed liquefaction projections coming online between 2015 and 2022. But consi ...

Monetising European gas storage value | 11 Jun, 2018

Storage capacity is a feature of most European gas portfolios.  Traders and portfolio managers use storage as a key source of midstream flexibility t ...

Power sector switching is driving gas hub prices | 21 May, 2018

“Everything comes back to gas prices”. It is not only direct participants in the European gas market that are concerned about the path of hub ...

LNG oversupply setting up 2020s squeeze | 14 May, 2018

‘There is an LNG glut’. ‘No, the market is tight’. Two tribes have emerged within the LNG market and their views are polar. The glut tribe ...

European gas balance: drivers & prognosis | 07 May, 2018

European gas demand hit its ‘high-water’ level of 586 bcm in 2010.  From 2010 to 2014 demand then reversed sharply, falling 19% (111 bcm), and co ...

At the flicks: gas curve animation | 30 Apr, 2018

Energy markets are awash with charts. We work in a data intensive industry and a good chart can be worth a thousand words. But charts by nature provid ...

Russian & LNG imports: a rebalancing act | 09 Apr, 2018

German and Finnish approval of the Nordstream 2 pipeline over the last two weeks helps pave the way for Russia to continue its role as predominant gas ...

European production flex is declining fast | 26 Mar, 2018

Europe faces a structural decline in domestic gas production.  Domestic output (excluding Russia) is set to decline from 252 bcma in 2017 to 150 bcma ...

Gas market explodes into action | 05 Mar, 2018

Cold weather across North West Europe sparked a surge in gas price volatility last week.  The epicentre of system stress was the UK gas market. But t ...

Deconstructing LNG shipping costs | 26 Feb, 2018

Shipping costs seems like a relatively obscure topic.  Yet one of the most popular articles in our blog archive is a 2013 article that provides a bre ...

Interpreting TTF implied volatility | 12 Feb, 2018

The European gas options market is still in a relative state of infancy versus for example the crude options market.  But as TTF gas hub liquidity gr ...

5 energy market surprises for 2018 | 08 Jan, 2018

Welcome back to our first feature article of the year.  We kick-off the year with a set of 5 potential surprises to watch for on the radar screen in ...

Where will the next wave of LNG supply come from? | 30 Oct, 2017

The 2015-2020 wave of new LNG supply has been built on Australian and US export projects. Australian liquefaction projects were underwritten by long t ...

An under-estimated driver of gas storage value | 23 Oct, 2017

Gas storage value is underpinned by an ability to shift gas from lower to higher priced periods. Differences in the value of gas across time periods a ...