Free Trial

Natgas - more bad news...

GILTS
  • As we have noted many times recently, gilt issuance is to a large extent a function of natgas prices and UK energy consumption.
  • As our Commodities team notes, European gas has surged 20% since reports of damage to both Nord Stream pipelines due to suspected sabotage and concerns for Russian supplies through Ukraine. (The UK contract is yet to trade this morning so far).
  • This is going to mean a potentially more expensive energy price support scheme for the UK government and hence potentially even more upside risks to issuance...
  • Today we will hear from MPC's Cunliffe at 9:15BST (although not specifically on monpol) and Dhingra after the close (the new MPC member who dovishly dissented last week)

To read the full story

Close

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.