LNG Shipping Stocks Still Go Sideways

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The UP World LNG Shipping Index (UPI) lost 2.94 points or 1.86% last week, reaching a closing value of 155.11 points. This index monitors the stocks of companies that specialise in LNG shipping. In contrast, the S&P 500 (SPX) index, representing US stocks, gained 0.95%. The image below displays both indices.

Last week, most of UPI´s constituents lost. The most significant drop affected Asian companies, and UPI still moves between the two previous ranges. To put it better, UPI made a new range between the last two. The area between the two ranges is quite unstable, as very low volume was traded here, and fast price moves usually occur. Now, after several weeks on this level, this has changed.

The biggest dropped Japanese “K” Line (TSE: 9107), which lost 11.3%. NYK Line (TSE: 9101) and Mitsui O.S.K. Lines (TSE: 9104) lost both 5.1%.

Awilco LNG (OSE: ALNG) declined by 4.3%, and Dynagas LNG (NYSE: DLNG) lost 3.7%. Korea Line Corporation (KRX: 005880) dropped by 2.9%, and around 2.3% lost New Fortress Energy (NASDAQ: NFE) and Chevron (NYSE: CVX).

Excelerate Energy (NASDAQ: EE) rose for the second week, gaining 4.2%. BP (NYSE: BP) gained 2.2%, and other constituents moved below 1% of gains.

In summary, UPI made a new level area. It is lower than the winter peak but still higher than the 2023 range.

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Source : Lngshippingstocks