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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
JKM-TTF Spread Falls as TTF Extends Rally
The JKM-TTF spread is narrowing as TTF rallies amid supply concerns from increasing tensions between Russia and Ukraine and with more upcoming Norwegian maintenance. TTF front month is extending the rally towards the high of 34.3€/MWh seen on 26 July despite high gas storage levels.
- EON have warned that Europe’s energy market is still at risk of spiking prices this winter due to the missing Russian gas supply.
- Ormen Lange gas works with a capacity reduction of 19.3mcm/d have been delayed by 4 days to Aug 19 according to Gassco this morning.
- The front month JKM-TTF spread is down to 0.15$/mmbtu today compared to a recent high of +2.9$/mmbtu on 28 July. Competition for LNG supplies from Asia is an upside risk for prices this winter along with the risk of cold weather.
- The US netback to Asia in September was at $7.04/MMBtu, and $8.29/MMBtu for October, compared to $6.42/MMBtu and $7.58/MMBtu to Europe according to Bloomberg before the TTF rally today.
- TTF SEP 23 up 7.3% at 33.34€/MWh
- TTF WIN 23 up 3% at 47.3€/MWh
- TTF SUM 24 up 1.4% at 49.29€/MWh
- TTF WIN 24 up 2% at 53.57€/MWh
- JKM Sep 23 down -0.2% at 10.96$/mmbtu
- JKM-TTF Sep 23 down -0.9$/mmbtu at 0.16$/mmbtu
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Why MNI
MNI is the leading provider
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