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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Planning Commission, India
- PTC India Limited - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
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