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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
LNG delivered ex-ship to northwest Europe in March was the lowest since June 6 at $7.59/mmbtu according to data from Spark Commodities. Asia prices also fell to multi month lows of 9.44$/mmbtu.
- US LNG exports are still slightly more profitable to Asia over Europe with the netback for March at 6.04$/mmbtu to Asia and 5.96$/bmmbtu to Europe according to BNEF.
- TTF front month has recovered slightly today after falling to the lowest since July at 25.625€/MWh yesterday amid high inventories, subdued demand with a warm February forecast and strong renewables generation.
- LNG supplies so far this month have fallen 15% to 4.7bcm month on month due to Qatar shipment delays and low demand. European LNG sendout was down at 296mcm/d on Feb 11 compared to an average of 329mcm/d so far in Feb and around 430mcm/d this time last year.
- Five more LNG vessels from the US have confirmed NW Europe as a destination for the rest of February while one Qatari vessel is headed for the region, according to Bloomberg ship-tracking. Most Russian arrivals this month are transshipped for delivery elsewhere.
- A total of 38 arrivals are currently scheduled into NW Europe for February with 21 already arrived and with around 68% originating from the US.
- TTF MAR 24 up 2.4% at 26.36€/MWh
- NBP MAR 24 up 2.2% at 64.05p/th
- JKM Mar 24 up 2.3% at 8.59$/mmbtu
- JKM-TTF Mar 24 unchanged at 0.25$/mmbtu
- US Natgas MAR 24 up 0.2% at 1.77$/mmbtu
Source: MNI / 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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