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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 are back below the seasonal normal levels in the last couple of days driven by muted demand due to warmer weather and after averaging well above normal throughout most of January so far.
- Net storage withdrawals have averaged just over 10% above normal in the week to Jan 21 with withdrawals of 7,250GWh/d compared to the previous five year average of about 6,550GWh/d. Withdrawals averaged 17% above normal so far in Jan compared to 30 below normal during Q4 2023.
- European natural gas storage is down to 74.44% full on Jan 21 according to GIE data but still well above normal compared to the seasonal five year average of 63.3%.
- Withdrawals for the remainder of the month could remain below normal with the forecast for warm weather across NW and central Europe into the start of February.
- Storage in Germany is down to 198.2TWh (77.8% full), Italy to 139.2TWh (70.7%), Netherlands to 99.4TWh (69.7%), France to 87.4TWh (65.1%) and Austria to 82.3TWh (84.3%).
- TTF FEB 24 up 2.1% at 27.84€/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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