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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Australian Coal Association
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
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