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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- The University of Queensland
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- PTC India Limited - India
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