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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Planning Commission, India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
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