reports
- Research Team
WOOD Flash – Coverage discontinued (ATGRRA ZA, DOC AV, DPEU LN, ENG PW...
We are discontinuing our coverage of the stocks listed below, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks. Atlantic Grupa DO&CO DP Eurasia Energa Medicalgorithmics MLP Care NIS Nostrum Oil & Gas Podravka SIF 1 Banat-Crisana SIF 2 Moldova SIF 3 Transilvania SIF 4 Muntenia SIF 5 Oltenia Sphera Stock Spirits
- Jonathan Lamb
WOOD Flash – European natural gas monthly: November 2021
Averages often hide important details and in November, a lower average TTF price, albeit at EUR 83.2/MWh, obscured the fact that prices rose throughout the month. The wind was helpfully above average: in contrast, temperatures were below average, which is decidedly unhelpful. Gas inventories have been trending downwards, as is usual for the season, but are 20% below last year. On the supply side, higher volumes from LNG were more than offset by lower Russian volumes, leaving the market even tigh...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: October 2021
We may well look back on October as the month when the European gas market finally settled down. Although more price records were broken, TTF prices were lower at the end of the month than at the beginning, despite average prices rising to EUR 90.8/MWh. Lower Russian volumes, and the rhetoric that accompanied them, led to further nervous moments. However windy weather conditions, price-driven demand reductions, and hints of positive news from LNG and North Africa were enough to calm fraught nerv...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: September 2021
September 2021 will go down as the month when we ran out of words to describe the gas market. The TTF gas prices averaged EUR 65.6/MWh, but the end of month price was an eye-watering EUR 84.75/MWh. Just one year ago, the price was 1/8th of this level. We believe that we are watching a short squeeze, in the sense that traders are short of gas for the winter season and scrambling to build inventories. Even significant shutdowns of industrial production have failed to cool the market. Inventories a...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: August 2021
Price records continued to be broken in August, with the average for the month reaching EUR 44.1/MWh, almost 5x the price in August 2020. Once again, Russian supplies were below their usual level and LNG slumped to volumes not seen since 2018. Norwegian supplies were one bright spot, but were insufficient to make a real difference. We are starting to see demand destruction, however, with lower consumption by the power sector, which could temper prices a little in coming months. Inventories are 7...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: July 2021
Once again, July saw record-high gas prices, with the average for the month reaching EUR 36.1/MWh – a level not seen in winter, let alone summer. Russian pipeline supplies and overall LNG imports are lower than we expected, given these high prices, but North African and Norwegian supplies are healthy. Inventories are 7% below the average levels for the month, similar to the previous month, so the prices are not triggering big inflows. Demand is recovering and CO2 costs have boosted demand in the...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: June 2021
In 2021 ytd, European spot gas prices have risen into the summer season, in contrast with the usual seasonality, reaching EUR 29.3/MWh, on average, for June. Gas supplies appear to be a little constrained, in our view, with Russian volumes 16% below their 2019 level in June, the continuation of a trend. Although North African volumes remain strong, LNG supplies have been 5% lower than last year, as demand elsewhere has diverted cargos. Demand continues to be strong, especially in the power segme...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: May 2021
European gas prices continued to rise in May, confounding the normal seasonal expectations and reaching levels not seen since autumn 2018. Gas supplies were not constrained, with Russian and North African volumes higher, although LNG was a little lower than last year. As the cold weather disappears, the demand from the power segment remains strong, boosted by CO2 costs. However, we see stronger LNG supply dynamics this summer mitigating some of the positives.
- Research Team
The Rear-View Mirror – EME markets: Polish WIG20 and Hungarian BUX add...
EME Equity Market – May 2021 Market performance – Polish equities continued to outperform in May. The MSCI EM Europe Index gained 6.9% in EUR terms and 8.7% in USD terms; while the WIG20 continued with its strong performance from April, advancing 11.4% in EUR terms and 9.6% in PLN terms. The BUX Index, the Hungarian benchmark and the worst performer in April, gained 11.4% in EUR terms and 7.4% in HUF terms in May. Prague’s PX index grew 7.5% in EUR terms and 5.7% in CZK terms; followed by the Ru...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
4IG 4IG
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
PETG PETROL D.D.
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
STCK STOCK SPIRITS GROUP
TITK TITAN CEMENT CO. SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
2ET ETALON GROUP (GDR)
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
ICD ENERGA SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
TNB NLB BANKA
INPST INPOST S.A.
WINE ALRO SLATINA
PURCARI WINERIES PCL
- Research Team
WOOD Daily: TCS LI; PL Utilities; GSPARK HB; NLBR SV; MTELEKOM HB; NII...
HEADLINES: • TCS Group Holding: 1Q21 highlights • Polish utilities: strong 1Q21 preliminary numbers • Graphisoft Park: 1Q21 - small beat on FFO, guidance maintained, occupancy stable at 94% • NLB Group: 1Q21 net profit above forecasts, due to provision releases • Magyar Telekom: 1Q21 results - strong, as expected, with 8% yoy EBITDA growth NEUTRAL • NIS: 1Q21 results review - weaker volumes than expected, but very strong margins NEUTRAL • Sarantis: 1Q21 trading update • CEZ: takeaways from...
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SAR GR. SARANTIS S.A.
CIE CIECH S.A.
AST ASTARTA HOLDING
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LTS GRUPA LOTOS S.A.
GSPARK GRAPHISOFT PARK SE
TPE TAURON POLSKA ENERGIA S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BNET BITTNET SYSTEMS
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
NLBR NLB GROUP
GR6 GRADUS
- Jonathan Lamb
WOOD Flash – European natural gas monthly: April 2021
European gas prices actually rose marginally in April, despite the ample supply, suggesting to us that demand has been strong. LNG supplies have rebounded after a weak start to the year and Russian supplies are marginally higher. Inventories are very slightly below their seasonal average, for the first time since 2018. Although not overly bullish, lower inventories do limit the risk of big price declines, like we saw in 2020, in our view. The demand for gas is strong, in general, but also in the...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: March 2021
Gas prices remained high during March, as strong demand globally made it a sellers’ market. The blockage of the Suez Canal could have been a factor at the end of the month, when a number of LNG cargoes were held up. The biggest story of 2021 so far has been inventories, with March inventory levels just 3% above the average for the month. However, supplies were bountiful, with LNG volumes back up to seasonal norms, Russian volumes up marginally and North Africa back to business as usual. Gas dema...
- Research Team
The Rear-View Mirror – EME markets: Greek and Russian benchmarks – sol...
EME Equity Market – February 2021 Market performance – MSCI EM Europe Index rebounds slightly from its January decline, up 1.7% in EUR terms and 1.3% in local currencies. The best performing index was the Greek ASE, advancing 5.7%, followed by the Russian MOEX, which gained 4.1% in EUR terms and 2.1% in the local RUB. The PX Index, the Czech benchmark, was up 3.4% in EUR terms and 4% in the local currency. The Hungarian BUX declined 0.8% in EUR terms, but grew 0.6% in HUF terms. Romania’s BET In...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
STCK STOCK SPIRITS GROUP
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
CCH COCA-COLA HBC AG
ICD ENERGA SA
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
WINE PURCARI WINERIES
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
GR6 GRADUS
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
- Jonathan Lamb
WOOD Flash – European natural gas monthly: February 2021
Gas prices eased off of their January highs, averaging at EUR 17.4/MWh in February. Although a spell of cold weather contributed to demand during the month, LNG supply returned and inventories were consumed, ensuring sufficient supply. Inventories were down 30% vs. the previous month, just 8% above the average for the month, setting up the market for a better balance this year. Russian supply figures were not available this month, but LNG volumes and North African supplies increased vs. January....
- Jonathan Lamb
WOOD Flash – European natural gas monthly: January 2021
In January 2021, gas prices reached their highest level since January 2019, with TTF averaging EUR 20.5/MWh, as demand in Asia continued to divert LNG supplies away from Europe. With high seasonal demand, inventories in Europe fell by 21% in January, to average 697 TWh, 22% below the level reached in 2020, although 15% above the average for the month. Consumption in October was marginally above the 2019 levels, but there was a big drop in the demand from power generation, due probably to the loc...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: December 2020
Gas prices rose again in December, with the TTF averaging EUR 16.2/MWh, as demand in Asia diverted LNG supplies away from Europe. Inventories in Europe fell by 12% in December, to average 902 TWh, 10% below the level reached in 2019, another step toward normalisation. The weather in December was mild, but colder than usual at the very end of the month. Overall consumption recovered in 3Q to equal 2019, and demand from the power sector was just 1.3% lower than in 2019. LNG supplies are still down...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: November 2020
Gas prices hit a plateau in November, with TTF averaging EUR 13.7/MWh, 2% lower than the previous month. Inventories are, once again, marginally below their 2019 levels, suggesting a slow improvement in market conditions, but this supports our view that the price recovery cannot continue, unless there is a major increase in demand. Overall demand rebounded during the summer, but remains below 2019 levels, while demand from the power sector is now running at levels above those in 2019. The weathe...
- Research Team
WOOD Daily: CPS PW; ING PW; PEO PW; KOMB CP; TTKOM TI; CCOLA TI; MTELE...
HEADLINES: • Cyfrowy Polsat: network monetisation ahead (upgraded to BUY) • ING BSK: wins it all with 3Q20 delivery POSITIVE • Bank Pekao: delivers solid set of 3Q20 results POSITIVE • Komercni Banka: 3Q20 - some miss, but 2025E strategy outlook very bullish NEUTRAL • Turk Telekom: 3Q20 results - 8% NI beat, guidance upgraded POSITIVE • Coca-Cola Icecek: 3Q20 results - double-digit beat on EBITDA, due to tight cost control POSITIVE • Magyar Telekom: decent 3Q20 results, as expected, with 2% yoy...
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
TTKOM TURK TELEKOMUNIKASYON A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
TPE TAURON POLSKA ENERGIA S.A.
BRD BRD-GROUPE SOCIETE GENERALE
PLY PLAY COMMUNICATIONS SA
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
PTKHY PETKIM PETROKIMYA HOLDING AS
- Jonathan Lamb
WOOD Flash – European natural gas monthly: October 2020
October saw the continuation of the recovery in European gas prices, with TTF averaging EUR 14.0/MWh, well above the same month last year. We believe that we are now seeing a combination of demand recovery, as well as continued supply restraint. LNG supply is 26% below last year and almost as low as in 2018; and Russian supply is 7% below a year ago; but North African supply has finally normalised, and is 40% above the previous month. US LNG has dwindled to almost nothing. In July, the latest mo...
- Jonathan Lamb
WOOD Flash – European natural gas monthly: August 2020
August 2020 will be marked as the month when the European gas market unequivocally turned a corner and began the long haul back towards the sunlit uplands. After months of gas price levels so diminutive that a magnifying glass was needed to view them, TTF gas prices jumped to EUR 7.4/MWh, up from EUR 4.9/MWh in July. Whilst one swallow does not a summer make, this is the most significant change in months. LNG supply continued its slow decline, to 7.3 BCM, from 8 BCM last month, while Russian vol...
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