Italian PSV`s traded volume of natural gas rises 20% to 9.34 billion cu m on year in March
Barcelona -- Traded volume on Italy's virtual gas hub, the Punto di Scambio Virtuale or PSV, hit the second highest monthly level in March at 9.34 billion cubic meters amid a surge in domestic demand, data published by operator Snam Wednesday showed.
- 9.34 Bcm traded on platform in the month
- LDZ demand increases 53% on year
- Winter 2017 volume rises 10% from previous year
The traded volume in March jumped 13% from February and 20% form a year ago, Snam said.
Italy's gas demand in March increased 26% year on year to a six-year high of 8.28 Bcm, including a 53% increase in consumption in local distribution zones due to the cold weather at the start of the month.
The virtual platform reported 30,622 trades concluded in March, up 16% from February and 14% from a year ago.
The churn rate in the month -- volume traded divided by physical volume -- was 3.2, meaning that physical volume traded on the hub was just over 3 Bcm, Snam said.
This compared with a churn rate of 3.6 in March 2016 and 2017, and 3 in February this year.
For the six months of winter from October 2017 to March 2018, traded volume on the PSV increased 10% year on year to 53.9 Bcm, Snam said.
Around a fifth of the volume was met by record draw on stocks at 10.8 Bcm between November 2017 and March 2018, according to Snam, beating the previous record draw of 9.8 Bcm in 2014-2015.
The total number of transactions on the PSV during winter 2017 was 166,583, up 5% from a year earlier.