Natural gas flow via the bidirectional Interconnector pipe linking Britain and Belgium was less responsive to the premium of the Zeebrugge Day-ahead contract over its NBP counterpart – known as the basis – during gas year 2015, ICIS analysis shows.
Flows via the Interconnector were 74% responsive to the previous day’s ICIS Day-ahead closing basis assessment, 16% less than during gas year 2014. The correlation between movements in the pipe’s daily gas flow and movements in the previous session’s basis was used to measure price responsiveness.
ICIS looks at why one of the most price-sensitive pipes in Europe became less so in gas year 2015, and analyses net British exports via the pipe as well as basis volatility.
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