Free Trial
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 premium of Win 24 over Win 23 TTF has risen this month up from just 1.2€/MWh at the start of July to a high of 6.6€/MWh today.
- The move suggests a growing relative confidence of security of natural gas supply for the upcoming winter compared to the following year.
- The risk of cold weather over the winter months and competition for LNG supplies from a recovery in Asia are both still upside risks for winter 23 and could pressure end of heating season storage inventory levels. The Q1 24 – August 23 spread has regained ground in the last couple of days back up to 24.25€/MWh but below a peak of 27.15€/MWh from last week.
- A colder than usual winter in Europe and Asia could see tighter supply next summer with potential for stock levels below 40% at the of winter according to Equinor this week. Sum 24 storage injections will be key for supply heading into Winter 2024.
- TTF AUG 23 down -4.8% at 27.08€/MWh
- TTF WIN 23 down -2.5% at 46.88€/MWh
- TTF SUM 24 down -1.9% at 49.85€/MWh
- TTF WIN 24 down -1.7% at 53.48€/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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok