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