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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 ample supplies and weak summer TTF prices have started to bring down the coming winter price resulting in a wider spread to the next winter season. Low demand and strong LNG supply this year have helped to build gas storage in Europe ahead of next winter despite the missing Russian pipeline supplies.
- Win23 has gradually fallen relative to Win24 this year to trade at a discount of about -4.65€/MWh compared to a premium of nearly 10€/MWH at the start of the year signalling near-term risks are easing but with greater risk for next winter.
- A significant increase in global LNG supplies from US and Qatar is not expected until late 2025 and beyond. A cold winter this year, recovery in Asia demand and increased industrial demand in Europe could potentially lower storage levels ahead of next summer and pressure supplies heading into winter 2024.
- A gas-transit deal between Moscow and Kyiv set to expire in December 2024 is a risk to the remaining Russian flows to Europe via Ukraine according to Energy Aspects.
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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