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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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- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Australian Coal Association
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
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