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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
TTF is drifting lower with warm weather and steady supplies enabling low storage withdrawal rates at the end of the winter heating season.
- European gas storage was well above the previous five year range at 60.59% full on Mar. 10 according to GIE data compared to the seasonal five year average of 43.14% and 56.9% this time last year.
- Net storage withdrawals have averaged 21% below normal in the week to Mar. 10 with GIE data showing withdrawal rates falling to a low of 906GWh/d. Average rates in the week were about 2,440GWh/d compared to the previous five year average of about 3,090GWh/d.
- Based on the withdrawal rates from the last ten years from now until the end of March the EU storage level is set to end the heating season well above normal at between 58.4 and 61.1%.
- Storage in Germany is down to 170.9Wh (67.1% full), Italy to 111.5TWh (56.6%), Netherlands to 78.0TWh (54.7%), Austria to 74.9TWh (76.5%) and France to 54.2TWh (40.4%).
- Storage injections could begin in March due to the mild weather conditions according to ICIS and INES recently. EU storage is likely to reach full capacity before the start of the 2024/2025 heating season.
- TTF APR 24 down 1.3% at 24.6€/MWh
- TTF SUM 24 down 1.5% at 24.94€/MWh
- TTF WIN 24 down 1.8% at 29.01€/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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