.jpg)
Total monthly contracts traded in November came in at 9,884,471, down 4% MoM. The decline was mainly due to lower Emissions, Euro Power and UK Gas volumes while Coal and Euro Gas bucked the trend by posting MoM volume increases. Total 2018 YTD monthly contracts traded are up 11% to 85.5m vs 2017 YTD. LEBA, from whom we source broker bilateral data, discovered incorrect contributed data for Emissions from Jan 2018 to Oct 2018. The over representation had inflated total Emissions volume by 8% in 2018 YTD.
Gas
TTF continued to be the most traded gas contract notching up a new monthly volume record and is now up 30% YTD 2018 vs 2017 YTD. The increased TTF volume has mainly been responsible for Euro Gas' 25% YTD increase although support from every continental market except ZEE has supported the trend. NBP volume continues to go in the opposite direction with volumes down across all three metrics and monthly volumes are now dwarfed by TTF, 239% in November.
Power
Euro Power volumes continue to be modestly up YTD 2018 vs. YTD 2017 with support coming from German Power (up 2% YTD) and Italian Power (up 30% YTD) markets offset by declines in the French (down 10% YTD) and Nordic (down 8% YTD) markets. The flat total volumes have been accompanied by a shift in the Euro Power market structure with Broker Bilateral losing 3% market share YTD, now holding 51% of market volumes. UK Power volumes continue to be down YTD despite November 2018 volumes up 22% YoY.
Coal
The 170 MMT of coal traded in November was the highest monthly volume since May 2017. Additionally volumes have increased each month since July 2018 despite prices falling approximately 10% in the same period. Broker Cleared recorded the majority of volume increase and has resulted in higher market share, now sitting at 66% of total coal volumes in November. ICE continues to hold the majority of volumes, 83% in November with CME holding the other 17%.
Emissions
Emissions have witnessed an increase in volumes and prices throughout 2018. 2018 YTD volumes are up 44% off the back of higher Exchange Executed and Broker Cleared volumes. The increase is despite the correction in data from LEBA which had overstated the total Emissions volume by 8% from Jan 2018 to Oct 2018. The Broker Bilateral and Broker Cleared segments have been effected with Exchange Executed the beneficiary of greater market share.
LEBA informed us that the data issue is isolated to the Emissions contracts they report on (EUA and CER) and that upon learning of the error rectified it immediately. Please direct any questions in regards to this data correction to LEBA.
DOWNLOADABLE CONTENT
15.11.18
October 2018: TTF and EUA continue their rapid growth with further records; power market volume traded down MoM; coal market YTD volumes continue trend of decreasing volume and increasing exchange execution market share
October 2018: TTF and EUA continue their rapid growth with further records; power market volume traded down MoM; coal market YTD volumes continue trend of decreasing volume and increasing exchange execution market share.
October 2018 saw a continuation of September's trends, with both TTF and EUA posting record volumes traded. Monthly contracts traded were up 6% vs. September, led by Emissions, Euro Gas and Coal, up 26%, 12% and...
17.09.18
September 2018: TTF and EUA with record volume months, German Power highest since Nov-16.
September 2018: TTF and EUA with record volume months, German Power highest since Nov-16.
September 2018 was a tale of the large commodities within the groups driving high monthly figures. 8.888 million monthly contracts were traded, up 29% MoM, with all groups rising vs August. Emissions was the standout up 60% as its strong year continued. Euro Power rose 46% MoM, reaching a high not seen since Nov-16, with Euro Gas rising 24%...
13.09.18
August 2018: Volumes bounce back following low July, cleared market records in NBP.
August 2018: Volumes bounce back following low July, cleared market records in NBP.
August 2018 saw 6.912 million monthly contracts traded, up 16% MoM, signalling the end of the summer lull in trading. All groups rose MoM, UK Power the standout up 26% with UK Gas also strong up 24%. Euro Gas drove the MoM growth however, up 18% MoM it accounted for 54% of the total monthly growth. YTD we have seen 58.864 million monthly...
09.08.18
July 2018: Lowest volume since April 2017, YoY TTF growth masks Euro Gas decline, German Power drives Euro Power YoY growth.
July 2018: Lowest volume since April 2017, YoY TTF growth masks Euro Gas decline, German Power drives Euro Power YoY growth.
July 2018 saw 5.953 million monthly contracts traded, down 18% MoM, with total volumes the lowest recorded since April 2017. All groups fell vs June - UK Gas most notably down 28%, with Euro Gas, Euro Power and Coal all dropping 17% MoM. YTD we have seen 51.953 million monthly contracts traded, up 9% vs...
16.07.18
June 2018: Volumes down across the board, German Power down YTD vs 2017, France Hubs volatility continues.
June 2018: Volumes down across the board, German Power down YTD vs 2017, France Hubs volatility continues.
June 2018 saw 7.287 million monthly contracts traded, down 14% MoM. High temperatures across Europe appear to have brought the summer trading lull a month earlier than 2017. All groups fell vs May, UK Power the highest with a 22% drop, with Emissions (18%), Euro Power (14%) and UK Gas (13%) showing notable drops too. YTD...
13.06.18
Volumes up across the board MoM, mixed performance YTD.
Volumes up across the board MoM, mixed performance YTD. TTF remains strong, exchange executions break 40% market share in Coal.
May 2018 saw 8.408 million monthly contracts traded, up 22% MoM following a low April. All groups rose vs April, with UK Power the highest, recording a 31% MoM increase. Euro Gas, UK Gas and Euro Power also saw noticeable increases at 26%, 25% and 23% respectively. YTD we have seen 38.605 million...
15.05.18
April 2018: Volumes drops following a strong March, Euro Power up YoY, broker bilateral gains in EUA
April 2018: Volumes drops following a strong March, Euro Power up YoY, broker bilateral gains in EUA.
April 2018 saw 6.893 million monthly contracts traded, down 15.7% vs March 2018. All groups except Emissions saw MoM declines, with Euro Gas the greatest, down 28% (1,199 TWh) to 3,155 TWh. UK Power and Coal also saw noticeable drops of 11% and 7% respectively, with UK Gas and Euro Power experiencing a smaller percentage but...
17.04.18
March 2018: Broker bilateral volume gains in Euro Gas, TTF and France Hubs set record monthly volumes and Emissions see price and volume jump.
March 2018: Broker bilateral volume gains in Euro Gas, TTF and France Hubs set record monthly volumes and Emissions see price and volume jump.
March 2018 saw 8.181 million monthly contracts traded, up 9.8% vs. February and although March had one more trading day than February, this is still the first time since March 2017 that monthly contracts have broken the 8 million mark. UK Power, Emissions and Euro Gas...
12.03.18
February 2018: February 2018: Volumes up YTD; broker bilateral gives up market share; Euro Gas volumes robust, TTF volumes 180% of NBP
February 2018: Volumes up YTD; broker bilateral gives up market share; Euro Gas volumes robust, TTF volumes 180% of NBP.
Volume growth across the Euro Commodities markets was varied this month as monthly traded contracts grew 6% YTD 2018 vs. YTD 2017 but declined 2.8% MoM to settle at 7.454 million monthly contracts traded (February had 20 trading days vs. January’s 23). Euro Gas, Emissions and Euro Power were positive...
