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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- White Energy Company Limited
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
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