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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- The University of Queensland
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
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