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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.
LNG
High LNG imports into Europe are helping to cover for missing pipeline flows from Russia.
- Europe is heavily reliant on LNG for supply with Nord Stream having just returned from a 10 day outage and tomorrow due to fall from 40% of capacity to just 20%.
- The US has now become the top LNG exporter in the first half of 2022 according to EIA with exports rising 12% versus 2H21 to average 11.2bcf/d. EU and UK have received 71% of US exports and the US is on track to surpass Biden’s commitment to supply an extra 15bcm of LNG to Europe this year.
- LNG imports into Europe are up near 200mcm/d compared to seasonal normal levels of just 55mcm/d.
- High TTF prices are continuing to encourage spot cargoes to Europe with the JKM-TTF spread as wide as 16.3$/mmbtu today. The Sep22 US netback to Europe is estimated as 43.09$/mmbtu while the netback to Asia is 28.15$/mmbtu.
- The graph below shows net LNG imports into Europe compared to the 5-year range:
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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