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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
Near-record levels of natural gas in European storage approaching the new year is pressuring the 2024 curve as a mild start to winter adds to demand weakness and import supplies remain strong. Front month TTF futures are today trading down from the highs seen yesterday but are holding above the lows of 32.1€/MWh from Dec 19.
- European natural gas storage was down to 87.06% full on Dec 26 according to GIE data compared to the seasonal five year average of 75% with overall storage levels almost unchanged in the previous couple of days.
- Withdrawals have averaged just 1,443GWh/d in the week to Dec 26 and with a small injection of Dec 25 and compared to the 2018-2022 average for the period of around 2,500GWh/d.
- The Q1 2024 – Sum 24 spread is holding down near parity reflecting the confidence in Europe supplies and storage levels for the remainder of this winter.
- The Q1 2024 – Q1 2025 spread has narrowed slightly since mid December but remains fairly wide at -5.5€/MWh with next winter supported by supply risks while the Sum24-Sum25 spread is holding around -0.6€/MWh.
- TTF JAN 24 down -5.4% at 33.6€/MWh
- TTF Q1 24 down -5.1% at 34€/MWh
- TTF SUM 24 down -4.1% at 33.96€/MWh
- TTF WIN 24 down -3% at 38.7€/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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