Last week, the UP World LNG Shipping Index (UPI), which tracks the performance of LNG shipping companies, lost 3.51 points or 2.31%, closing at 148.55 points. The S&P 500 (SPX) index, representing U.S. stocks, also experienced a decline of 2.11%. Both indices can be found in the image provided below. UPI’s decline began just a week after SPX started declining.

A few weeks ago, many companies rose above the support ledges due to the rise of UPI. Currently, the prices of these companies are still above these ledges. Golar LNG (NASDAQ: GLNG) and Flex LNG (NYSE/OSE: FLNG) are two examples, although they lost 2.4% and 3.3%, respectively, last week. Additionally, UPI made a new higher high in August, indicating a chance for a 1-2-3 formation. However, major indices like SPX moved down, pulling down UPI too.

Excelerate Energy (NASDAQ: EE) declined from the higher part of the range, but buyers prevented sellers from pushing prices below the support. Korea Line Corporation (KRX: 005880) closed just below the support level, losing 3.8%. Japanese trio – „K“ line (TSE: 9107), MOL (TSE 9104), and NYK Line (TSE: 9101) – experienced a small correction of previous rapid gains, losing 3.8%, 1.5%, and 1.8%, respectively. Only Nakilat (QSE: QGTS) declined below the last range support.

Awilco LNG (OSE: ALNG) was the biggest gainer, rising 2.9%. Exmar (BSE: EXM) and Capital Product Partners (NASDAQ: CPLP) also increased, both by 1.1%. But these three were all the gainers. As we are still positive on LNG shipping stocks, there are signs of big difficulty breaking the resistance area.

UP World LNG Shipping Index, established in 2020, is a rules-based stock index family designed to show and measure the performance of worldwide publicly traded companies involved in the maritime transport of liquefied natural gas (LNG). This unique index covers 18 companies and partnerships worldwide, like the USA, Qatar, Japan, Norway, South Korea, and Malaysia. The index covers over 65% of the world’s LNG carrier fleet. UP Index is a premium service. We offer freemium (the basic chart of the UP Index and S&P 500 index) and trial access to all charts.
Source: UP-Indices.com