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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
Stronger LNG demand from China could add to the upside risk to European gas prices with increased competition for LNG supplies over the coming winter. Economic data from China last night showed better than expected GDP although Asia’s LNG imports in the January-September period this year have remained below levels seen in 2021 according to Bloomberg. The Q1 2024-Nov 2023 TTF spread is edging higher up to 6.3€/MWh today.
- China’s regulator has asked its biggest state-owned natural gas suppliers to fill up storage facilities heading into the peak winter heating season with China’s gas demand increasing according to China National Energy Administration.
- The front month JKM-TTF spread is at the highest since July at around +2.8$/mmbtu with the forward curves showing JKM at a premium to TTF until early 2025.
- US LNG gas exports are more profitable to Asia for December at 12.82$/mmbtu compared to 11.80$/mmbtu to Europe. The US netbacks for the remaining winter months are also showing a small premium to Asia over Europe throughout the coming winter months according to BNEF before the TTF open this morning.
- LNG net import flows rose up to 358mcm/d on 16 Oct according to Bloomberg after seeing levels around 290mcm/d over the previous few days and compared to levels around 375mcm/d this time last year.
- LNG volumes at sea continue to rise up to 4.55m metric tonnes to hold above the five year average range.
- TTF NOV 23 up 2% at 49.86€/MWh
- NBP NOV 23 up 0.8% at 123.04p/th
- JKM Nov 23 up 6.9% at 18.04$/mmbtu
- JKM-TTF Nov 23 up 1.2$/mmbtu at 2.75$/mmbtu
- US Natgas NOV 23 up 0.8% at 3.11$/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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