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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
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- Deloitte Consulting - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
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