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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.
NATURAL GAS
LNG imports to NWE are well above normal as Europe looks to LNG to cover the missing pipeline supplies.
- Russian flows through Ukraine reduced from around 108mcm/d at the start of the year down to around 41mcm/d as Russian forces occupied an area of Ukraine and halting flows through Sokhranivka.
- Poland and Bulgaria refusal to pay for Russian gas in rubles led to the stoppage of their imports through the Yamal pipeline.
- The Nord Stream flows started to fall with Russia citing a missing turbine for the disruption before planned maintenance brought flows to a complete halt. Maximum capacity is approximately 167mcm/d.
- LNG net imports into NW Europe are 183mcm/d compared to the 5-year average of approximately 55mcm/d for this time of year. High TTF prices continue to encourage spot cargoes to Europe with the JKM-TTF spread at -11$/mmbtu. The Aug22 US netback to Europe is estimated at 41.43$/mmbtu and to Asia is 30.43$/mmbtu
- Below shows the Russian pipeline flows in to Europe and the NW Europe LNG net imports:
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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