Will Cunliffe
Research Analyst, Flux
Switching it up!
TTF rallies, as well as Dated Brent after another problem on the CPC and Libya. While government bonds are selling off everywhere
TTF rallies, as well as Dated Brent after another problem on the CPC and Libya. While government bonds are selling off everywhere
Natural gas prices had the market talking how far we can go. Even as TTF prices have climbed above €36/MWh that’s still a lot lower than Gasoil which costs about €47/MWh. Of course, the spread is narrowing, but expect a lagged spike – looking at the above chart, oil product returns have an increasing correlation with TTF returns as TTF price increases! And the tanker market is making things worse for diesel: the arb from the USGC should almost be considered closed as the prompt HOGO swap sits $3/bbl higher w/w at over $17/bbl, while TC14 rate remain elevated, with physical brokers saying there was “limited inquiry”. More regarding the TTF spike in the details!
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