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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
EU overall gas demand remains tepid and is expected about 8% below 2022 levels in 2023 according to the Oxford Institute for Energy Studies Winter Outlook.
- Demand was down 8.1% y/y in Jan-Nov 2023 with power sector demand down 19.1%, industry just 5.1% down after a rising since Q3 and residential and commercial up by 2.7%.
- The macro-economic outlook in Europe remains weak but the recent recovery in the industrial sector suggests some losses may not be structural.
- Power demand remain weak amid returning French nuclear plants, renewables build up and healthier hydro capacity water levels.
- The supply picture is relatively stable this winter, but the loss of Russia pipeline gas supply is keeping the market tight. A jump in demand from cold weather or any major supply disruptions present upside price risks.
- A colder winter than last year could see a heating demand rebound of 5bcm up to 20bcm.
Source: OIES Winter Outlook
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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