GET Baltic captures new record gas trading volumes midway through 2023
Since the start of this year, GET Baltic has experienced a remarkable surge in gas trading volume, reaching a record 5.2 TWh, marking a 30% increase compared to the same period last year when it was 4 TWh. In July, a total of 358 GWh of natural gas was traded, consisting of 354 GWh through daily transactions and 4 GWh through monthly transactions. Despite the lower volumes traded in July, there were 59 active participants submitting buy and sell orders. The major purchases in July were concentrated on the common Latvian-Estonian market area with 165 GWh (46% of the total), followed by the Lithuanian market area with 99 GWh (28%), and the Finnish market area with 94 GWh (26%).
The Baltic-Finnish Natural Gas Price Index (BGSI) in July displayed some unusual trends. The BGSI on the Lithuanian market area decreased by 7% to 35.13 EUR/MWh. In contrast, the BGSI remained almost unchanged at 36.21 EUR/MWh (previously 36.24 EUR/MWh) on the common Latvian-Estonian market area and on the Finnish market area, it rose significantly by 10% to 39.43 EUR/MWh. The overall July Baltic-Finnish BGSI experienced a 1% month-on-month increase, going from 36.31 EUR/MWh to 36.81 EUR/MWh. Meanwhile, the Baltic-Finnish Gas Monthly Index (BGMI), reflecting natural gas price changes in the monthly market, had a value of 36.00 EUR/MWh (↓11%) in July.
Notably, the Inčukalns gas storage facility in Latvia saw a substantial increase in its capacity, filling up by an additional 14 percentage points in July, reaching almost 71% capacity by the end of the month – 46% more than the capacity recorded at the same time last year, according to Gas Infrastructure Europe.
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