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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
Europe might face challenges to its energy security next winter despite building inventories, according to Boudewijn Siemons, interim chief executive of the Port of Rotterdam, the continent’s busiest port.
- European countries could scramble again to buy liquefied natural gas if there’s cold weather and if the Chinese economy rebounds, he said.
- Winter prices continue to trade at a significant premium to front month with the Q1 2024 – Aug 2023 spread holding just below 25€/MWh having reached a peak of 27.1€/MWh last week.
- Despite the significant decline since last year, forward prices for November 2023 to March 2026 are still around $13-17/MMBtu, which is twice the long-term 2010 to 2020 average of $7/MMBtu according to ICIS.
- Near term prices have fallen towards normal levels amid low summer demand and high storage levels but the forward curve indicates much stronger pricing than in the past for some time yet. A period of oversupply in late summer/early autumn is still possible, particularly if October weather is mild according to ICIS.
- TTF AUG 23 up 2.9% at 28.97€/MWh
- TTF WIN 23 up 1.2% at 49.04€/MWh
- TTF SUM 24 up 2.2% at 51.72€/MWh
- TTF WIN 24 up 1.5% at 54.88€/MWh
- TTF SUM 25 up 1.8% at 44.1€/MWh
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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