LNG shipping stocks: New highs, narrow breadth
The UP World LNG Shipping Index gained 4.97 points (2.15%) last week, closing at a new all-time high of 235.88 points, while the S&P 500 gained 0.15%. Following a week’s break, the UPI returned to record territory. However, breadth was narrow — the ratio of advancing to declining constituents was 13:8, the median change was ...
The UP World LNG Shipping Index achieved new highs, surging by 4.97 points (2.15%) last week, reaching a record 235.88 points. This performance contrasted with the S&P 500's modest gain of only 0.15%. Following a brief respite, the UP World index rebounded to record levels. However, the breadth of the rally was limited, with a 13:8 ratio of advancing to declining constituents and a median price change of just 0.98%.
Increased trading volume supported the breakout to new highs. Three key factors continue to influence the market: the closure of the Strait of Hormuz, supply disruptions from Qatari production, weather conditions, and the approaching winter season. Asian spot LNG prices reached a 3.5-year high, with Bangladesh paying $28 per MMBtu for immediate delivery.
Atlantic tanker rates also rose for the first time in seven weeks. Among the top gainers, COSCO Shipping Energy Transportation led the charge with an 8.1% increase, while New Fortress Energy suffered its largest decline at -6.5%.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.