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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
European gas storage injections have increased back to near normal levels since 28 April after lagging below normal levels for much of April. Short term European supplies have been impacted by the ongoing Norway maintenance although strong LNG imports flows have covered for the missing gas.
- Net European storage injections averaged about 1,580GWh/d in April compared to the five year average of nearly 2,240GWh/d.
- European gas storage is still healthy at 60.36% on 2 May according to GIE data despite the slow start to the refill season. The five year average for this time of year is 40.8% full.
- Storage in Germany is at 168.36Wh (67.28% full), Italy is at 127.8TWh (66.06%), Netherlands at 87.5TWh (61.87%), Austria at 67.08TWh (69.13%) and France at 50.87TWh (38.08%).
- Injection rates can afford to be below normal with historical injection rates suggesting storage could be full in August if demand remains weak and LNG imports remains strong. The EU target is to be 90% full by 1 November with intermediate targets for May, July and September 2023.
- TTF JUN 23 down -1% at 36.43€/MWh
- TTF WIN 23 down -0.4% at 54.83€/MWh
Source: GIE / 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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