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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
LNG imports into NW and Eastern Europe are maintaining above normal levels and helping to continue injections into storage.
- The weekly average of daily flows was 162mcm/d last week compared to an average of just 58mcm/d for this time of year. The outage of the US Freeport LNG export terminal has not so far caused a net reduction in flows to Europe with spreads strongly encouraging the delivery of spot cargoes.
- As TTF prices have continued to surge higher the spread to Asia has significantly increased. JKM is currently trading at a -13.8$/mmbtu discount to TTF. The current estimateion for the US LNG netback to Europe is 44.3$/mmbtu and to Asia is 31.2$/mmbtu.
- European storage is up to 59.4% with Germany up to 62.27%, Italy at 60.72%, France at 64.20% and Netherlands at 54.11%.
- The graph below shows the weekly average of the net LNG flows into NW Europe:
Source: BloombergWhy 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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