Tanque Virtual de Balance
The virtual balancing tank (TVB) comprises the set of liquefied natural gas (LNG) storage tanks of the Spanish regasification plants. It trades LNG title transfer products with unrestricted physical delivery and no defined location of the LNG in a given plant.
These products are traded on MIBGAS Derivatives.
LNG title transfer and physical delivery products are traded on the TVB:
- Intraday (with delivery on the same trading day).
- Daily D+1
- Daily D+2
- Daily D+3
These products are settled through MIBGAS Derivatives, which acts as counterparty.
LNG title transfer and physical delivery products are traded on the TVB:
- Balance of Month (BoM)
- Month M+1
- Month M+2
- Month M+3
These products are settled through the OMIClear clearing house acting as counterparty.
The virtual balancing tank (TVB) is the virtual trading point for liquefied natural gas (LNG) for Spanish regasification plants (Mugardos, Bilbao, Barcelona, Sagunto, Cartagena and Huelva), where users of the gas system can store LNG and transfer ownership of it. Thus, MIBGAS Derivatives agents can buy and sell LNG regardless of the physical location of the LNG, which considerably increases the number of counterparties and the liquidity of this market.
Spain was a pioneer with the creation of the virtual balancing tank or TVB. and the launch of LNG spot products in 2020, becoming the first exchange or organized market to offer LNG products. In 2023, monthly futures (M+1, M+2 and M+3) were added to the offer of LNG spot products; in which matching and settlement are carried out at a fixed price, so that MIBGAS Derivatives agents can ensure the purchase and sale of LNG at a fixed quantity and price in the TVB.