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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.
NATURAL GAS
The TTF forward curve continues to flatten out with less than $1/mmbtu between the upcoming five European natgas winters according to ICIS.
- Prices for 2025 have seen recent pressure as the prompt has fallen further.
- High inventories, subdued demand and strong renewables generation have driven front month to the lowest since July at 25.625€/MWh yesterday before seeing a tick up slightly today. Front month continues to trade below summer with Mar 2024 - Sum 24 spread today at -0.58€/MWh.
- The summer contracts are following the bearish front of the curve with Sum24-Sum25 today holding around -1.7€/MWh. The Sum 24 – Win 24 spread is today around -3.9€/MWh.
- Falling prices will incentivise an increase in demand, perhaps from industry or power plants in Europe, or from other LNG buyers in Asia according to ICIS. Lower levels could increase interest in imports from new capacity in China as well as buyers in India, Pakistan and Thailand.
- TTF MAR 24 up 0.8% at 25.93€/MWh
- TTF SUM 24 up 0.1% at 26.5€/MWh
- TTF WIN 24 down -0.3% at 30.4€/MWh
- TTF SUM 25 up 0.3% at 28.23€/MWh
Source: ICIS
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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