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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.
NATURAL GAS
European gas injection rates remain slightly below normal with total storage now up to 66.71% full on 24 May according to GIE data compared to the five year average of 48.5%.
- Net European storage injections averaged about 3,600GWh/d in the week to 24 May compared to the five year average for the period of nearly 4,260GWh/d.
- Storage in Germany is at 182.7Wh (72.91% full), Italy is at 141.1TWh (72.26%), Netherlands at 95.2TWh (66.84%), Austria at 71.7TWh (74.07%) and France at 66.1TWh (49.46%).
- With storage on course to comfortably fill this summer, bearish pressure remains on summer TTF prices driving front month to the lowest since May 2021. Even with full storage heading into next winter the market still faces upside risks from cold weather, recovering Asia demand and higher EU industrial demand.
- Weak summer prices are starting to pull down the winter as the winter summer spread has eased back slightly this week but the Q1 2024 – Q3 2023 spread of 18.4€/MWh is holding just below the peak level of 21.9€/MWh seen earlier in May.
- TTF JUN 23 down -2% at 24.95€/MWh
- TTF WIN 23 down -3.3% at 43.14€/MWh
- TTF SUM 24 down -3.3% at 43.75€/MWh
- TTF WIN 24 down -2.4% at 48.05€/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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