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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
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
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