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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
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