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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
TTF is finding some support this week as cold weather raises heating demand in Europe and with optimism for a Chinese demand recovery adding to LNG supply risks.
- Despite the rally prices as still significantly lower over the last month largely due to the warm current winter weather. Over the last month Sum23 has fallen nearly 40%, Win23 is down 32% and Sum24 is down 21%.
- Price moves beyond Win24 did not increase as much last year with moves muted by higher EU LNG regasification capacity and increasing global liquefaction capacity.
- The EU is increasing regas capacity quickly with three new German facilities and terminals in the Netherlands, Finland coming online over the current winter season. Others in Italy, France, Greece, Germany, and increased capacity in Poland are aiming to be online by the end of 2023.
- A significant increase in global LNG supply is not expected online until 2024 and beyond. US is looking to approximately double capacity to 169mtpa and Qatar increase output to 126mtpa by 2027.
- TTF FEB 23 up 6.2% at 64.5€/MWh
- TTF SUM 23 up 5.2% at 66.13€/MWh
- TTF WIN 23 up 4.7% at 73.8€/MWh
- TTF SUM 24 up 5.5% at 65.5€/MWh
- TTF WIN 24 up 5.2% at 65.37€/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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