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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
TTF price drift lower to 131.35€/MWh today after rising from 84€/MWh on 14th June.
- European gas markets were already on edge with the potential loss of LNG cargoes following the extended outage of the US Freeport LNG export terminal until September. The unexpected curtailment of Nord Stream pipeline flows has sent European gas markets especially tight with concerns for filling storage ahead of the coming winter.
- LNG supplies have so far maintained a high level as spreads still encourage spot cargoes to head to Europe over Asia. The JKM-TTF is down 0.3$/mmbtu today to -3.7$/mmbtu. The August US netback to Europe is estimated at 33.66$/mmbtu compared to 28.64$/mmbtu to Asia based on last night’s closing prices. Spreads are clearly in favour of Europe for all 2022 forward contracts.
- Net LNG gas flows to Europe are currently at 182mcm/d compared to a 5-year average of 61mcm/d for this time of year.
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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