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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
European gas storage remains well above normal and weighing on TTF prices despite the cold weather this week. Mild weather and demand reductions in Europe have helped maintain gas storage and driven a bearish price trend with front month falling from over 54€/MWh in late October to 31.8€/MWH today.
- Withdrawals in the week to Jan 6 averaged about 2,650GWh/d compared to the previous five year average for the period of nearly 3,500GWh/d. Net withdrawals since the start of Nov have been about 19.5% below the five year average.
- Even with colder weather in Europe for the rest of this winter overall natural gas consumption for heating would be less than in a normal winter according to Bloomberg. Heating Degree Days in NW Europe have been 6% below the 2022-2023 season since August and 19.8% below the 30 year average.
- European natural gas storage was down to 84.88% full on Jan 6 according to GIE data and remains well above the seasonal five year average of 71.9%.
- Storage in Germany is down to 229.7TWh (90.1% full), Italy to 156.6TWh (79.5%), Netherlands to 113.8TWh (79.9%), France to 108.4TWh (80.7%) and Austria to 90.3TWh (92.4%).
- TTF FEB 24 down -8.3% at 31.7€/MWh
- TTF SUM 24 down -7.5% at 31.71€/MWh
- TTF WIN 24 down -5.7% at 36.15€/MWh
- TTF SUM 25 down -4.7% at 32.73€/MWh
Source: GIE / 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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