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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- The University of Queensland
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
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