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LNG shipping stocks: A positive trend continues

Tuesday, 17 October 2023 | 13:00

Last week, the UP World LNG Shipping Index (UPI) gained 5.07 points or 3.42%, closing at 153.45 points. This index tracks the performance of LNG shipping companies. The S&P 500 (SPX) index, representing U.S. stocks, experienced a gain of 0.45%, nearly similar to a week before. You can find both indices in the image below.

UPI closed above its previous low, confirming a short-term positive trend. However, all moves are still within the bracket until the all-time high formed in March this year is broken. As we mentioned in September, winter is the best season for LNG, and we still believe in reaching the new highs.

Although UPI outperformed SPX, only a few of UPI’s constituents drove the growth, mainly those listed in the US. New Fortress Energy (NASDAQ: NFE) made the only two-digit gain, rising by 12.3%. This gain broke through the resistance level.

BP (NYSE: BP) made the second biggest gain, rising by 7.4%. Other oil and gas drillers made gains of 4.4% (Shell (NYSE: SHEL)) and 1.1% (Chevron (NYSE: CVX)(. BP did not publish any news that might explain this gain. The rise began with a gap on Thursday and continued on Friday, also with a gap followed by an above-average volume.

The third biggest gainers were three, and the gain was about 5.5%. Golar LNG (NASDAQ: GLNG) rose by 5.8%, Flex LNG (NYSE/OSE: FLNG) rose by 5.5%, and Cool Company’s OSE listing added 5.5%. On NYSE, CoolCo added 2.9%. Its ticker is OSE/NYSE: CLCO. FLNG came back above the support line after one week, and CLCO rose in the bracket, where resistance is at about 151.9 NOK. GLNG did the same; in this case, resistance is approximately $24.55.

Another group made gains of about 3%: Capital Product Partners (NASDAQ: CPLP) added 3.1%, and Mitsui O.S.K. Lines (TSE: MOL) added 3%. Other Asian LNG shippers added below 1% or declined. The most significant drop was marked by SM Korea Line Corporation (KRX: 005880), which lost 4%, confirming the breaking of the support line. Excelerate Energy (NASDAQ: EE) also declined, losing 2.6%. Dynagas LNG (NYSE: DLNG) lost 1.1% due to a negative gap. But its close price was above the opening
price.

In summary, UPI still has a chance to set a new all-time high. Last week, US-listed companies drove the gains, while the Japanese trio had a rest.
Source: UP-Indices.com, By Tomas Novotny

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