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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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Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Parliament of New Zealand
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- White Energy Company Limited
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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