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