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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
The TTF Summer 2024 discount to Summer 2025 continues to widen to the highest level since contract start, as front-curve bearishness has removed the risk premium for the summer, while above-average EU gas stock levels and recent below-norm storage withdrawals are limiting the need for high injections during next summer.
- TTF SUM 24 down -1.5% at 35.26€/MWh
- TTF SUM 25 down -1.2% at 35.66€/MWh
- On 1 December, the TTF Summer 2024 was trading at a €2.737/MWh premium to the Summer 2025 contract. This has now reversed to a discount of €0.41/MWh.
- European gas inventories stood at 90.09% as of 12 December, well above the five-year average for this time of year of 79.6%, GIE data showed. Withdrawals were down to just over 3,600GWh/d on Dec 11 from a high of nearly 6,750GWh/d on Dec 4 and compared to the 2018-2022 average for the period of 4,869GWh/d.
- EU natural gas storage must be at least 45% full on 1 February and preferably 55% full at that time according to new targets published by the EU. The EU has also set intermediary targets form 1 May, 1 July and 1 September which if not reached could pose a serious risk of not meeting the 90 % storage target on 1 November 2024.
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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