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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
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- The University of Queensland
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- MS Steel International - UAE
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- White Energy Company Limited
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
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