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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 import flows to Europe have fallen to 360mcm/d from record levels of up to 529mcm/d on 16 Dec as warm weather has reduced heating demand in Europe and driven spreads in favour of flows to Asia.
- European gas prices have declined about 50% from a peak on 8 Dec while JKM prices have decline by only 15% during the same period. The JKM-TTF spread is near the highest since Jan 2021 at over 5.5.$/mmbtu.
- The US LNG netback to Europe for Feb is estimated at 18.78$/mmbtu compared to the US netback to Asia at 23.12$/mmbtu according to Bloomberg. The netback calculations show spreads in favour of flows to Europe for March and into the summer months.
- Approximately 19 cargoes are expected to arrive into NW European terminals over the coming week. December saw a record number of 87 cargoes into NW Europe after the cold start to the month.
- TTF FEB 23 down -2.2% at 75.3€/MWh
- NBP FEB 23 down -1.1% at 184p/th
- JKM Feb 23 down -1.8% at 28.98$/mmbtu
- JKM-TTF Feb 23 up 3.7$/mmbtu at 5.73$/mmbtu
- US Natgas FEB 23 down -9% at 4.07$/mmbtu
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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