Liquid

In a liquid market, changes in supply and demand have a relatively small impact on price. The liquidity of a market is indicated by its 'churn' which is a ratio of traded volumes to delivered volumes. A market is usually considered liquid if it has a churn of at least 15. Henry Hub in the US has a churn of about 100 and thus high market liquidity. National Balancing Point (NBP) in the UK has a churn of about 15.

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