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NATURAL GAS
Finnish and Baltic gas demand in November rose to the highest monthly level since December 2022 according to Argus.
- Combined consumption rose to 4.47TWh from 4.18TWh in October and 3.61TWh in November last year driven primarily by a 76% increase in Finland but remained well below the 2018-21 average for the month of 6.05TWh.
- Industrial consumption probably drove the increase in Finland y/y from 790GWh to 1.39TWh amid falling gas prices while gas-fired power generation fell on the year. Some industrial demand destruction could be permanent with consumption holding well below the 2018-21 average of 2.09TWh.
- Colder temperatures in November compared with the previous years in the Baltic countries and Finland has also supported heating demand.
- Gas consumption in Estonia and Lithuania is expected to be boosted by the expiry of temporary exemptions given to district heating companies last winter that allowed them to burn alternative fuels. The closure of an ammonia producer plant in Lithuania for seven month from 31 October will weigh on gas demand.
- Weather is expected to be the biggest driver of gas consumption in December.
Source: Argus
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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