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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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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- White Energy Company Limited
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
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