The UP World LNG Shipping Index (UPI) lost 3.90 points or 2.56%, closing at 148.37 points. This index tracks the performance of LNG shipping companies. The S&P 500 (SPX) index, representing U.S. stocks, experienced a gain of 0.48%. You can find both indices in the image below.
Glimmers of Hope
The stock market experienced a decline in the first three days, including for LNG shippers. However, the last two days showed a positive trend that partly mitigated the decline. Unfortunately, the week ended with UPI dropping by 2.56%.
UPI closed above the previous low at 147 points and may make a new higher low, continuing in 1-2-3 technical formation as a higher high was already made.
New Fortress Energy lost 8.4%, but this was still better compared to the maximum loss the company experienced during the week. NFE closed at $30.04, which was just a few cents below the open price of the previous week.
Weekly Performance
Excelerate Energy marked the same loss as NFE, declining for the third consecutive week. Golar LNG suffered the third most significant loss, falling by 6.1%, while Awilco LNG lost 5.3%.
Three other companies also experienced losses of around 3.7%, which were even more significant during the week. Cool Company declined by 4% in Oslo but 6.5% in New York. Chevron and Exmar both lost 3.8%, BP declined by 3.7%, and Flex LNG lost 3.5%.
However, a significant increase was recorded by the Japanese “K” line , which gained 6.7%. NYK Line followed with a rise of 1.7%.
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Source- Reddit
