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NATURAL GAS
Natural gas import supplies to Europe dipped slightly in week 46 after the gains seen the previous week driven by a slight drop in LNG supply on the week.
- Total imports in week 46 (13-19 Nov) dropped to 6,396mcm compared to 6,473mcm the previous week but holding just above levels seen this time last year.
- LNG supply fell from 2,833mcm to 2,726mcm on the week while Norwegian supplies edged up above the 2015-2022 range high for the time of year. UK and Azerbaijan imports also ticked lower while Russian supply was unchanged and Algerian imports edged higher on the week. Russia supply transit through Ukraine and Turkstream are relatively stable on the week despite the new tax on transit flows through Bulgaria from earlier this month.
- LNG utilisation in week 46 showed Spain in line with the seasonal normal at 33% with Germany at 50%, 82% in Belgium, 86% in France, and 79% in the Netherlands.
- TTF DEC 23 up 1.5% at 45.28€/MWh
- TTF Q1 24 up 1% at 46.13€/MWh
- TTF SUM 24 up 0.5% at 45.13€/MWh
Source: Bruegel
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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