Market Dynamics Report

JUNE 15 2015

June 2015

Volumes up across the board, TTF closes in on NBP, shift towards brokered market.

Following decreasing volumes over the past two months, June brought with it a change as monthly volumes were up across all commodity classes. Total monthly contracts traded across all Euro Commodities were up 28% MoM and 5% YTD. Every commodity class grouping saw over 20% growth in monthly contracts traded MoM.

Growth in Euro Gas pushed total volume to 1,567 TWh this month. This increase was reflected across all Euro Gas commodity classes. There was strong growth in NCG, Gaspool and the French Hubs where MoM volumes were up 37%, 31% and 40% respectively. Excluding TTF, the Euro Gas market remains almost entirely OTC traded.

Strong growth in TTF saw volumes increase by 36% MoM to 1,280 TWh. This was still well below the record volumes we saw in March-15, yet TTF is hot on the heels of NBP, who currently has the bragging rights as the largest commodity class by traded volume in Gas. The TTF market grew to 89% of the total NBP market in TWh terms during June 2015. This is 20% higher than the figure we reported in our June 2014 report and a 10% increase vs. May-15.

Volumes were up 39% MoM in the Coal Market this month. API2 volumes pushed just over the 200 million metric tonne barrier with volumes up 37% MoM. API4 continued its May growth with volumes up a further 49% this month. The coal market remains almost entirely cleared. CME strengthened their presence this month gaining 3% and 4% of ICE's cleared market share in API2 and API4 respectively. CME's share of the total API2 & API4 cleared market was 66% in June, and sits at 68% YTD 2015.

June was a strong month for the brokers across the commodity classes. The cleared market dropped to 49% in NBP, as OTC market share grew 2.5% MoM. In UK Power and Euro Power brokers gained 0.4% and 0.2% respectively from the cleared market. In the Emissions market, brokers took back over 6% from exchanges MoM.

Downloadable Content

June 2015 Commodities Report (734KB)

Downloadable Content

June 2015 Commodities Report