Gas market highlight: Zeebrugge-NBP basis gas trade recovers after barren July

Trading of the spread between Belgian Zeebrugge and British NBP Day-ahead natural gas contracts - known as the basis - has shown signs of recovery at the start of August after being at historic lows during July, data shows.

Between 31 July and 7 August, traders executed an average of 17 Day-ahead basis transactions per day, according to brokered trade data seen by ICIS. This compares with an average of just 5 per day between 16 June and 28 July.

ICIS looks at the key pricing and fundamental factors which have shaped trading of the basis in the past few weeks, and analyses why this summer’s trading patterns are so different to previous years.

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