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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, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- MS Steel International - UAE
- VISA Power Limited - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
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