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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 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
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