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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.
NATGAS
TTF volatility has fallen this year as the European market remains sensitive to unplanned supply disruptions and weather risks despite gradually building natural gas storage ahead of the winter heating season and sluggish industrial consumption.
- Implied volatility has almost halved since the start of the year with second month at-the-money implied volatility today at 53.9% and near the lowest since May 2021 seen on June 24.
- Potential supply disruptions include Norwegian outages, increased LNG competition from Asia and the risk of a halt to Russian gas flows through Ukraine, with the existing transit contract expiry at year end.
- ICE Endex TTF aggregate open interest has fallen from a high in May and June of 1.99m to 1.90m on July 4.
- ICE TTF daily aggregate traded futures volumes have averaged slightly below normal at 246k lots per day this week compared to an average of 274k per day during June.
- TTF AUG 24 up 0.1% at 33.29€/MWh
- TTF WIN 24 down 0.5% at 38.49€/MWh
- TTF SUM 25 down 0.5% at 36.87€/MWh
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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