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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- MS Steel International - UAE
- Ministry of Mines - Canada
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
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