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