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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
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