MNI China Daily Summary: Monday, February 10

MNI BRIEF: PBOC'S Zou Promoted To Vice Governor Role

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MNI: NORWAY JAN CORE CPI +0.1% M/M, +2.8% Y/Y

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GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

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NATGAS: Gas Consumption Falls but Role as Grid Balancer Increases: OIES

NATGAS
Energy BulletsBulletPower BulletsCommodities

Gas consumption continues to fall in parallel to renewable generation growth as gas’ role as a grid balancer is becoming more significant, according to OIES.

  • Cold snaps have combined with periods of low wind to boost gas demand this winter and supported a price rally amid an uptick in storage withdrawals and LNG send outs.
  • Renewables growth and the good French nuclear availability will limit the role of gas most of the time.
  • There are no strong signals for robust European gas demand growth in 2025 with global geopolitics providing uncertainties. The steady rebound in industrial and commercial demand is likely to continue but risks a lower-than-expected pick up.
  • The arrival of new north American LNG supply will help ease balances later this year while there is no indication that EC officials are ready to ease storage targets.
  • The summer 2025 premium to winter undermines the economics of summer seasonal storage and indicates a market under stress.
  • If the price uptrend continues Asia’s price sensitive demand is expected to ease, reducing the competition for cargoes between Europe and Asia. 

 

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Gas consumption continues to fall in parallel to renewable generation growth as gas’ role as a grid balancer is becoming more significant, according to OIES.

  • Cold snaps have combined with periods of low wind to boost gas demand this winter and supported a price rally amid an uptick in storage withdrawals and LNG send outs.
  • Renewables growth and the good French nuclear availability will limit the role of gas most of the time.
  • There are no strong signals for robust European gas demand growth in 2025 with global geopolitics providing uncertainties. The steady rebound in industrial and commercial demand is likely to continue but risks a lower-than-expected pick up.
  • The arrival of new north American LNG supply will help ease balances later this year while there is no indication that EC officials are ready to ease storage targets.
  • The summer 2025 premium to winter undermines the economics of summer seasonal storage and indicates a market under stress.
  • If the price uptrend continues Asia’s price sensitive demand is expected to ease, reducing the competition for cargoes between Europe and Asia. 

 

Keep reading...Show less