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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.
LNG
US LNG exports to Europe dropped in the week ending March 6 to 23 cargoes compared to 26 the week before, according to the EIA with total capacity of 87bcf according to Bloomberg shipping data.
- Monthly Bruegel data showed the total EU LNG imports dipped from 10,452mcm in Jan to 10,314mcm in Feb. The US share of European LNG imports fell to 53.6% and Russian supply also fell to 16.3% while Africa and Middle East imports increased.
- Average natural gas deliveries to US LNG export terminals decreased by 3.1% w/w to average 13.4bcf/d, according to S&P Global Commodity Insights.
- US LNG exports are slightly more profitable to Europe over Asia for April according to BNEF at 6.03$/mmbtu to Europe and 5.89$/mmbtu to Asia. The netbacks however show spreads in favour of flows to Asia throughout the remainder of the summer period.
- European LNG sendout was down slightly to 351mcm/d on Mar. 7 from over 380mcm/d at the start of the week. The imports compare to an average of 353mcm/d during February.
- TTF front month is slightly higher on the day and heading for small net gain on the week despite pulling back from a high of 28.725€/MWh on Mar. 5.
- TTF APR 24 up 1.5% at 26.37€/MWh
- TTF SUM 24 up 1% at 26.6€/MWh
- TTF WIN 24 up 0.4% at 30.61€/MWh
Source: MNI / 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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