MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

ITALY MAY INDUSTRIAL PRODUCTION +0.5% M/M ; -3.3% WDA Y/Y

Contrasting Momentum Dynamics Underscore Need For July Data

Services Drive Downside Surprise in CPI-ATE

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

TTF Surges Again Amid Supply Risks and Warm Weather

NATURAL GAS

European gas market volatility continues with the risk that further civil unrest in Russia could impact future supplies after the short lived uprising over the weekend. Front month TTF has this morning regained some of the losses seen late last week but is still below the high of last week of just over 40€/MWh. A drop in LNG imports, ongoing restricted pipeline supplies from Norway and warm weather across Europe are adding to upside price risks.

    • TTF JUL 23 up 11.2% at 36.16€/MWh
    • TTF WIN 23 up 7.9% at 53.77€/MWh
  • Pipeline imports from Norway are today at 232.1mcm/d amid ongoing field and processing plants outages including at Nyhamna, Ormen Lange, Aasta Hansteen, Oseberg and Troll.
  • Temperatures in NW and central Europe have dipped from last week reaching near to normal in the coming days before recovering back above normal again into the start of July.
  • European LNG imports have fallen from over 400mcm/d early last week down to around 360mcm/d late last week with spot deliveries to NW Europe and Italy the lowest in four weeks according to Bloomberg. Maintenance works are reducing sendout from Montoir LNG and Fos Tonkin LNG until 2 July.
  • Total European storage levels were up to 75.78% full on 24 June according to GIE data compared to the five year average of 59.5% as injection rates continue below normal.
  • Gas transit flows through Ukraine are today at 41.4mcm/d and Algeria gas flow to Italy at Mazara are at 60.9mcm/d.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

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.