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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.
NATURAL GAS
The bearish trend in gas markets continues with TTF trading down to the lowest since July 2021 and JKM the lowest since June 2021. High storage levels and muted demand are driving the trend lower in both TTF and JKM as the front JKM-TTF spread maintains around -0.8$/mmbtu throughout April so far.
- The US LNG netbacks still favour supplies to Europe over Asia with the profitability to Europe for June at 9.17$/mmbtu and Asia at 7.87$/mmbtu according to Bloomberg. The netbacks for the summer are all showing a premium to Europe over Asia. The Europe premium in the next couple of months is between 0.5 and 1.3$/mmbtu but falls to just 0.1$/mmbtu in September.
- Net European LNG import flows have been strong throughout April averaging 455mcm/d so far and were up at 519mcm/d on 25 April. April looks set to reach record shipments into NW Europe after a previous record total of 89 arrived in December.
- TTF MAY 23 down -0.7% at 38.27€/MWh
- NBP MAY 23 down -0.1% at 90.32p/th
- JKM May 23 unchanged at 12.59$/mmbtu
- JKM-TTF May 23 down -0.1$/mmbtu at -0.78$/mmbtu
- US Natgas JUN 23 up 0.4% at 2.32$/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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