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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
Northeast Asian spot LNG prices have fallen below the 10$/mmbtu level for the first time since May 2021 according to S$P Global. Global prices have been holding a bearish trend this year with high storage inventory levels reducing the demand to restock over the summer. Low demand and use of alternative fuels are also adding to the downside pressure.
- Warm weather and higher cooling demand over the summer months is an upside risk to prices with China absorbing a lot of the current residual supply. Price sensitive buyers in South Asia have increased interest in recent months due to the lower market prices.
- The forward curves show TTF remains at a premium to JKM with the front month JKM-TTF spread today around -0.5$/mmbtu
- The June US netback to Europe is at 8.7$/mmbtu and above the netback to Asia of 8.04$/mmbtu according to Bloomberg. Spreads favour US flows to Europe over Asia throughout the summer period.
- TTF JUN 23 down -1.8% at 35.91€/MWh
- JKM Jun 23 up 0% at 11.32$/mmbtu
- JKM-TTF Jul 23 up 0.4$/mmbtu at -1.06$/mmbtu
- US Natgas JUN 23 up 2.3% at 2.19$/mmbtu
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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