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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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- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
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