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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Australian Coal Association
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- The University of Queensland
- Thai Mozambique Logistica
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Planning Commission, India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
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