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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
Currently 25 US LNG cargoes are heading to Asia compared to 18 at this time three months ago but the trend higher in European gas markets this month could support supplies to Europe according to Bloomberg.
- The decline in TTF in the last couple of days has however brought the profitability of US spot deliveries back in favour of supply to Asia over Europe. The US LNG netback for August to Asia was 8.49$/mmbtu and to Europe was 7.47$/mmbtu before the TTF open this morning according to Bloomberg. The netbacks currently favour supply to Asia over Europe throughout the remainder of the year.
- JKM front month is also down from a high of around 12.9$/mmbtu earlier this week but TTF is falling faster to bring the JKM-TTF spread up to the highest since early June at +2.1$/mmbtu.
- TTF JUL 23 down -4.8% at 32.46€/MWh
- NBP JUL 23 down -5.8% at 80.4p/th
- JKM Jul 23 down -0.5% at 12.41$/mmbtu
- JKM-TTF Jul 23 up 0.6$/mmbtu at 2.14$/mmbtu
- US Natgas JUL 23 down -2.1% at 2.55$/mmbtu
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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