European natural gas traded volume posted a significant monthly fall in March as both over-the-counter and exchange liquidity dried up last month, Platts Market Data shows.
Total European traded volume fell 18% month on month and 14% year on year in March to 3,988 TWh, split between OTC and exchange at 2,689 TWh and 1,299 TWh respectively.
Nonetheless, despite last month's total below the March 2015 total, traded volume edged higher in the first quarter in comparison to the Q1 2015 period.
Traded volume for January-March this year stood at 13,645 TWh, higher than the 13,204 TWh from the Q1 2015 period with both January and February hitting record highs for liquidity.
On the Dutch Title Transfer Facility hub, traded volume slipped from 2,257 TWh in February to 1,768 TWh last month, with OTC and exchange traded volumes down 19% and 28% respectively month on month to 1,282 TWh and 486 TWh.
Nonetheless, exchange traded volume on the TTF was up 36% year on year in March, and continues to take a larger share of overall TTF trade.
For the UK's National Balancing Point hub, traded volume last month was 1,646 TWh in comparison to the 1,929 TWh from February and the 2,122 TWh record monthly high from March 2015.
A steeper monthly fall in traded volume on the InterContinental Exchange for the NBP led to OTC traded volume at a 140 TWh premium to exchange traded volume after the two had been close to parity during the first two months of the year.
Elsewhere, traded volume on other European gas hub totaled 574 TWh last month, lower than both February's figure and the March 2015 total, split between OTC and exchange at 514 TWh and 60 TWh respectively.
