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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.
NATURAL GAS
European gas prices have eased with LNG still encouraged to flow to Europe and with healthier storage levels compared to last winter.
- TTF is trading near yesterday’s close at 84.8€/MWh and NBP is slightly higher on the day at 155p/th
- The outage at Freeport LNG is likely to increase demand for spot LNG cargoes in an already competitive market. Gas spreads still suggest it is more profitable to send cargoes to Europe rather than Asia.
- The US LNG netback to Europe is estimated as 15.67$/mmbtu compared to 12.00$/mmbtu for Jul. The front JKM – TTF spread is currently around -3.1$/mmbtu.
- LNG net imports into Europe normally reduce during the summer months due to lower demand. Imports into NW Europe are still above normal but have already fallen from a peak of approximately 300mcm/d in April to just 162mcm/d now. Over the middle of the summer net imports typically fall to around 50mcm/d.
- European storage is now at 50.5% as detailed below:
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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