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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
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
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