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Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
 LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall of gas flows to Europe from Russia, resulting in whipsaw patterns in gas prices in the EU/US.
The EU/US Taskforce to reduce Europe’s dependence on Russian gas held a meeting on June 14th, planning further US LNG exports to the EU, amidst a flurry of commercial activity due to the recent fire at the Freeport LNG export terminal in Texas, which initiated on the 8th of June. Officials said, during the previous week, that damage from the fire at its Texas plant would keep it fully offline until September with only partial operation through year-end. Following the news of the extended shutdown, natural gas prices slumped in the United States and soared in Europe.
The closure came as pipeline supplies from Europe’s top providers are also capped. For instance, key facilities in Norway have been undergoing annual maintenance, while Russia’s supplies are below capacity after several European buyers were cut off for refusing to meet Moscow’s demands to be ultimately paid in rubles for its pipeline fuel. Russian gas supply to Europe via the Nord Stream 1 pipeline fell further on June 16th, and Moscow said more delays in repairs could lead to suspending all flows, putting a brake on Europe’s race to refill its gas inventories. Russia clearly steps up the use of energy as a weapon, prompting Germany to accuse Kremlin of trying to drive up prices. There is a very real probability that European conventional storage will start the new withdrawal period with low stocks again, indicating tightness in LNG and gas markets lasts well into 2023.
More specifically TTF closed at $84.400MMBtu on June 1st, but following the fire news, it marked at climbed to $91.550MMBtu intraweek. Last week it was traded up to $148.745 MMBtu on June 16th, marking an intamonth high, after the cut in gas flows from Nord Stream 1 pipeline.
Key underlying drivers in bringing LNG prices together are weak demand in North Asia, the world's main consuming region, amidst the latest lockdown in China, as well as strong demand in Europe due to the policy pivot towards LNG and away from dependence on Russian pipeline gas. The wave of new supply additions to the global LNG market seen during 2015-2020 is slowing down considerably and considering minimal growth during 2020 and 2021, supply seems to be outstripped by demand. Supply will most likely remain curbed, while Gazprom’s CEO is warning that there is no solution at the moment for issues with gas turbines, essential for the pipeline’s functioning. That said, refilling of storage tanks for the winter when demand typically peaks is threatened. With European gas supplies being already squeezed and on the back of a dearth of gas supplies for the coming winter, a return to coal now seems the only viable option for EU countries.
While gas demand in China will remain the engine of global LNG growth, disruptions in new LNG production out of the US which was set out to be the key to global balance over 2022, form the main market indicators which are pointing in the same direction and they are, undoubtedly, signaling a supply/demand imbalance that will continue to nibble sentiment in the short term.
By Chara Georgousi,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
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