LNG hedging returns NBP far curve to backwardation

The hedging of LNG volumes at Britain’s natural gas market, the NBP, has pushed the gas far curve into backwardation, market experts told ICIS.

Historical precedent suggests the backwardation may be short-lived, with traders expecting the curve to drift in and out of backwardation in the coming months.

ICIS takes a look at the reasons why hedging of LNG volumes has increased, and why this has had a particularly keen impact on the British NBP gas hub.

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