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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Economic Council, Georgia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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