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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 premium of Q1 2024 over Sep23 is edging back up today to 19.85€/MWh with the falling front month price after seeing a steady decline from a high of 25.15€/MWh on 19 July down to a low of 18.3€/MWh earlier today.
- The spread Win 24 - Win 23 TTF spread is however holding steady this week around 6.75€/MWh with ongoing supply risks beyond this winter with no significant increase in global LNG supplies expected until 2025 and beyond. Low stocks in the spring could pressure supplies next summer heading into Win24.
- The decline in the premium of the upcoming winter over the front month suggests a slight easing of the security of supply concerns with European storage levels already over 86% full. Industrial demand remains low but the risk of cold weather over the winter months and competition for LNG supplies from a recovery in Asia are both still upside risks.
- TTF SEP 23 down -5.8% at 28.72€/MWh
- TTF WIN 23 down -2.3% at 44.6€/MWh
- TTF SUM 24 down -1.5% at 47.65€/MWh
- TTF WIN 24 down -1.8% at 51.33€/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.
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