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European Natural Gas Hubs

Last update: May 14, 2020, 3:52 EDT
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Title Transfer Facility (TTF) is a natural gas hub located in the Netherlands and operated by Gasunie Transport Services.

Just like NBP (and unlike Henry Hub), TTF is a virtual trading point (not a physical location). It is considered to be Europe’s most liquid natural gas market. TTF also plays a fundamental role in the global LNG and it is used as a price driver for Japan Korea Marker (JKM), which is a benchmark price assessment for spot physical cargoes delivered ex-ship into Japan, South Korea, China and Taiwan.

TTF trading unit is Euro per megawatt hour (€/MWh) and the contract volume unit is megawatt (MW). The above chart converts TTF price into EUR per MMBtu (light orange curve) and USD per MMBtu (pale blue curve).

National Balancing Point (NBP) is a system which connects natural gas market participants in the United Kingdom.

Britain's wholesale natural gas market has several supply sources: local gas production (specifically, in the North Sea), pipeline imports from Norway and Continental Europe, storage flows, and liquefied natural gas imports from global markets (specifically, from Qatar). Despite having a wide range of gas supplies, UK natural gas market has only one price for natural gas irrespective of where it comes from. This is called the NBP price of natural gas. Therefore, NBP is essentially a "virtual" trading system (not a physical location), which makes it different from Henry Hub in the United States. NBP is operated by National Grid and is the second most liquid trading zone in Europe.

The trading unit is pence per therm (p/th) and the contract volume unit is kilotherm per day (kth/d). 1 kilotherm = 1,000 therms; 1 therm = 29.3071 kilowatt hours. The above chart converts NBP price into GBP per MMBtu (light orange curve) and USD per MMBtu (pale blue curve).

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Update: every weekday + Sunday afternoon.

Source: ICE

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