LONDON: Some of Europe's energy companies, trading houses and banks have stopped submitting natural gas trade data to price-reporting agencies (PRAs), which set benchmarks that underpin billions of dollars worth of gas supplies, the Financial Times reports.
Europe's second-biggest gas supplier Statoil, two Swiss-based commodities trading houses and several banks told the FT that they have stopped sharing gas price data with companies including Platts, Argus and Icis Heren.
Platts and Icis Heren told Reuters that there has been a drop off in reporting but the dropped sources have been replaced by others and their price reporting remains robust. Argus was not immediately available during after hours.
Statoil had said previously that it would no longer provide gas data. The PRAs publish daily benchmark assessments of European gas prices at trading hubs such as the UK's National Balancing Point and Holland's TTF.
The PRA model is under scrutiny as regulators rethink their approaches to benchmark pricing in light of the scandal of the rigging of the London Interbank Offered Rate (LIBOR).
UK regulators are investigating claims by a former ICIS Heren employee that gas traders tried to manipulate the UK's NBP gas price on Sept. 28. Gas benchmarks set by PRAs underpin billions of dollars worth of gas supply deals and can even influence household energy prices.
The lack of cooperation from leading companies raises questions about the reliability of those benchmarks, the FT says.
indiatimes.com
Europe's second-biggest gas supplier Statoil, two Swiss-based commodities trading houses and several banks told the FT that they have stopped sharing gas price data with companies including Platts, Argus and Icis Heren.
Platts and Icis Heren told Reuters that there has been a drop off in reporting but the dropped sources have been replaced by others and their price reporting remains robust. Argus was not immediately available during after hours.
Statoil had said previously that it would no longer provide gas data. The PRAs publish daily benchmark assessments of European gas prices at trading hubs such as the UK's National Balancing Point and Holland's TTF.
The PRA model is under scrutiny as regulators rethink their approaches to benchmark pricing in light of the scandal of the rigging of the London Interbank Offered Rate (LIBOR).
UK regulators are investigating claims by a former ICIS Heren employee that gas traders tried to manipulate the UK's NBP gas price on Sept. 28. Gas benchmarks set by PRAs underpin billions of dollars worth of gas supply deals and can even influence household energy prices.
The lack of cooperation from leading companies raises questions about the reliability of those benchmarks, the FT says.
indiatimes.com
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