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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NATURAL GAS
European gas storage withdrawals have surged this week as cold weather boosts demand and helps support TTF prices. TTF is trading up from the lows of the week amid colder weather in northern Europe next week and risks of rising Middle East tensions as more tanker firms suspend Southern Red Sea transit following the joint US/UK military strikes on Houthi targets in Yemen.
- Net storage withdrawals between Jan 8-10 have averaged nearly 64% above the five year average reaching the highest since Feb 2021 on Jan 10. Withdrawals in the week to Jan 10 averaged about 6,520GWh/d compared to the previous five year average for the period of 5,286GWh/d.
- European natural gas storage was down to 81.77 full on Jan 10 according to GIE data after the surge in withdrawals driven by the cold weather. Storage however remains well above the seasonal five year average of 69.9%.
- Storage in Germany is down to 220.2TWh (86.4% full), Italy to 151.1TWh (76.7%), Netherlands to 109.7TWh (76.9%), France to 102.2TWh (76.1%) and Austria to 88.2TWh (90.3%).
- TTF FEB 24 up 1.9% at 31.4€/MWh
- TTF SUM 24 up 1.9% at 31.52€/MWh
- TTF WIN 24 up 1.5% at 36€/MWh
- TTF SUM 25 up 1.2% at 32.75€/MWh
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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