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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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Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- Mjunction Services Limited - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
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