Market Dynamics Report

MAY 14 2015

April 2015

Volumes down in the Euro and UK gas markets; NBP brokers on the charge; CME strong in API2
Declining volume was the common theme across all commodity classes in April. Emissions and UK Power both experienced large decreases in MoM and YoY figures; while the Euro and UK Gas markets were significantly down MoM.

April saw Euro Gas volumes fall by 42% MoM to 1,255 TWh. TTF, PEG and NCG were all down over 40% MoM. Could the sharp decline in volume be attributed to the expiration of the Summer 15 contracts along with fewer trading days in April? The YoY decrease for Euro Gas was less substantial ‐ 9% lower than April 2014. The YoY decrease was largely driven by Gaspool and NCG who were both over 30% down, while the largest market in the Euro Gas grouping – TTF ‐ was down 4% YoY. PSV volumes bucked the trend somewhat, down 26% MoM but up 27% YoY. PEGAS's PSV futures contract gained further traction this month with exchange executions up 207% vs. March.

Volume in the UK Gas market was down 43% MoM and 26% YoY in April to 1,246 TWh. It was another strong month for the brokers in NBP. After coming off a 4% market share gain in March they took a further 8% off exchanges to push total brokered share to 60% of the market. The total broker cleared market was up 31% YoY. Exchange executions fell by 4% to 40%. 

There has been a consistent downward trend in the Coal Market since the record levels we saw in Jan‐15. MoM, both API2 and API4 volumes are down, 14% and 12% respectively. The YoY figure tells a different story with API4 volumes down 51% vs. the 8% drop in API2. CME continue to gain back API2 & API4 cleared market share, up 3% this month, taking their share to 69%. This is up 5% vs. Feb‐15.

Downloadable Content

April 2015 commodities report (1MB)

Downloadable Content

April 2015 commodities report