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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
Total European gas in store has risen above the five year range to 85.79% full on 30 July according to GIE data and is now the highest for this time of year in data back to 2008 according to data via Bloomberg. The level compares to the five year average of 70.7% for this time of year.
- European storage injection rates averaged near normal throughout July after seeing mostly below normal since April at 83% of the five year average. Full end of summer season inventories is a bearish risk for near term TTF prices with a period of oversupply in late summer/early autumn possible, particularly if October weather is mild.
- Net European storage injections have averaged about 3,240GWh/d in Jul compared to the five year average for the period of nearly 3,400GWh/d.
- Storage in Germany is at 219.8Wh (87.8% full), Italy is at 170.6TWh (87.4%), Netherlands at 125.85TWh (88.38%), Austria at 85.0TWh (87.7%) and France at 101.5TWh (75.8%).
- TTF front month has eased back from earlier gains with high storage and low demand offsetting a drop in Norwegian supplies amid reduced capacity at Troll.
- TTF SEP 23 up 0.9% at 28.62€/MWh
- TTF WIN 23 down -0.8% at 46.54€/MWh
- TTF SUM 24 down -1.3% at 49.18€/MWh
Source: Bloomberg / GIE
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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