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NATURAL GAS
TTF extends earlier gains on cooler temperatures in the second week of the latest GFS operational forecast and with lower prices increasing Asian LNG buying interest.
- Competition for LNG supplies from Asia remains an upside risk for European imports. Traditional buyer of Japan and China increased imports in Jan and the more price sensitive South Asian buyers are increasingly looking to secure LNG cargoes for the coming months.
- The JKM-TTF spread is holding in positive territory with JKM higher at the front of the curve but switches back to favour of TTF from May onwards. The US netback to Europe is slightly higher today at 13.07$/mmbtu and is 14.04$/mmbtu to Asia.
- TTF MAR 23 up 3.3% at 53.43€/MWh
- NBP MAR 23 up 3.3% at 133.2p/th
- JKM Mar 23 down -0.5% at 17.9$/mmbtu
- JKM-TTF Mar 23 down -0.7$/mmbtu at 1.09$/mmbtu
- US Natgas MAR 23 up 5.7% at 2.54$/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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