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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Australian Coal Association
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- White Energy Company Limited
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
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