Intercontinental Exchange Inc. (ICE) again saw record activity in March across its European Title Transfer Facility (TTF) benchmark as the global liquefied natural gas (LNG) market is seen tightening.

Open interest on TTF hit an unprecedented 18,184 lots on March 30, nearly 8% higher than the record previously reported in February, ICE said in a recent report. Volumes in March were also a record 6,423 lots.

On a quarterly basis, TTF futures traded volume for 1Q2021 was up 11% compared to the same period a year ago, ICE reported. TTF futures open interest ended March at 1.744 million lots, up 10% compared to March 2020. Total volume traded last month amounted to 2.72 million lots, according to the report.

On Friday, analysts at Tudor, Pickering, Holt & Co. (TPH) said the...