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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, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
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- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- The University of Queensland
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
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