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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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Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
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- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Planning Commission, India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
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