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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
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