Following a steep drop of 20% in 2022, European gas trading volumes soared by around 30% in 2023 to their highest level on record. lower margin calls reduced costs associated with trading and supported higher activity across European gas hubs.
The recovery was largely led by the Dutch TTF, with its traded volumes jumping by more than 40% compared to 2022.
Consequently, the dominance of TTF further strengthened in the European trading landscape, with its sharing rising from around 75% to over 80% in 2023.
The strong increase in traded volumes benefitted liquidity, with the churn rate rising to an all-time high of 17.
The rapid recovery in gas trading highlights the strength and the resilience of the European market and the growing need for risk management in an increasingly uncertain environment.
What is your view? How will the European gas market evolve in the coming years? Will TTF’s role expand further to solidify itself as the global gas wheel?
Source: Greg Molnar
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