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