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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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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- The University of Queensland
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
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