OIES Podcast – Developments in European Gas Hubs

In this latest OIES podcast, from the Gas Programme, James Henderson talks to Patrick Heather about his latest paper on European Gas Hubs. Patrick talks us through his latest survey on trading activity on European Gas Hubs, highlighting the key elements that he analyses and the main indicators which determine the success of the hubs. We discuss not only the main hubs, with TTF again being by far the dominant marketplace in Europe, but also look at the role of some of the smaller hubs and how they have been developing over time. We also consider the importance of the NBP in the UK, given the country’s increasing role as a route for LNG imports to the continent. The importance of TTF in a European context has started to be mirrored on the global gas market, and Patrick discusses how it has become an increasing important benchmark for pricing across the world. We also look at how the change in gas flows across the continent following the decline in imports for Russia has affected trading levels and pricing trends, and also consider what future risks might exist for the European market, in particular if governments try to interfere with the market for security of supply reasons.

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