LNG hedging and near-term bears flatten natural gas curve

The backwardation of the British NBP and Dutch TTF curves has weakened following a flurry of trading activity on longer-dated products, bringing natural gas prices for delivery out to 2021 closer together.

ICIS examines the factors which have driven the reshaping of the curve, including an increase in LNG hedging activity and the erosion of near-term risk.

The NBP and TTF are the two most-liquid gas hubs in Europe and act as important reference points for other markets.

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