Filter by Categories
Gas Inflation

The Week At A Glance: Soft Inflation, accelerating Nat Gas and input costs..

We have a big inflation week ahead of us with US PPI & CPI inflation paired with final details from Europe. Meanwhile, we are watching the situation in Ukraine/Russia and the Nat Gas market.
2024-08-12
<a href="https://stenoresearch.com/author/andreas/" target="_self">Andreas Steno</a>

Andreas Steno

0

Happy Monday from Copenhagen!

As usual, we use Monday to look ahead at the upcoming week.

We are currently focused on the Nat Gas trade, which is trending aggressively upward due to 1) Ukrainian disruptions affecting the remaining MCMs flowing through the Brotherhood pipeline, 2) the upcoming Norwegian maintenance season, and 3) very early signs of bottoming demand.

It still seems mostly driven by the supply side, with the current drawdown in supplies via Sudzha in Russia accounting for around 0.5% of daily inflow. However, this has the potential to become a significant driver, with up to 5% of daily flow potentially disappearing.

We remain long (since last week).

Chart 1a: Flows into Ukraine partially disrupted


Chart 1b: European demand is not rocketing up..

We have a big inflation week ahead of us with US PPI & CPI inflation paired with final details from Europe. Meanwhile, we are watching the situation in Ukraine/Russia and the Nat Gas market.

You need to login or sign up to one of our member plans to see this. Login

0 Comments

STENO RESEARCH IS JOINING REAL VISION

From July 2025, Steno Research is joining Real Vision to create the ultimate macro research product for you!

As a subscriber, this means the following:

Yearly subscriber: For legal reasons, we cannot transfer your pre-paid subscription directly. You need to register with Real Vision and then we’ll transfer your pre-paid subscription quickly afterwards. Simply go to https://www.realvision.com/free and sign up - and then we’ll take care of the rest! We will shut down service of Steno Research on July 31st, so be sure to make the transfer to keep receiving our content.

Already a RV subscriber?
Please check that you are using the same e-mail. If yes, you don't need to do anything. If not, please contact [email protected].

Monthly subscriber: Your current monthly subscription with Steno Research will end during July (31st at the latest). To continue accessing our research (and more), you’ll need to sign up for a Real Vision membership. Check out your options on: https://www.realvision.com/pricing

For Institutional Clients:
- Your access has been moved to our new institutional offering at NowcastIQ.com
- If you haven’t been moved already, please contact [email protected]