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LNG shipping stocks: A week of sellers

Tuesday, 03 October 2023 | 13:00

Last week, the UP World LNG Shipping Index (UPI) lost 2.33 points or 1.51%, closing at 152.27 points. This index tracks the performance of LNG shipping companies. The S&P 500 (SPX) index, representing U.S. stocks, also experienced a loss of 0.74%. You can find both indices in the image below.

Last week was a difficult one for UPI, as sellers dominated the market and pushed prices below the resistance level. This is the fifth time this year that UPI has dropped below this level. Despite this, a new high was formed, and there is still a chance for a rise if the decline finishes above the value of the nearest low, which is 147 points.

The decline in UPI was mainly caused by the Japanese shipping trio – Mitsui O.S.K. Lines (TSE: 9104), NYK Line (TSE: 9101), and “K” Line, which all saw significant losses: M.O.L. lost 8.9%, NYK Line declined by 7.4% and „K“ line lost 5.7%. Another Asian shipper, Korea Line Corporation, also suffered a loss of 5%. Excelerate Energy (NASDAQ: EE) also saw a decline, deepening its downtrend. This company lost 3.1%.

However, there were some gainers. The most growth stocks of New Fortress Energy (NASDAQ: NFE), which added 8.3%, while Golar LNG (NASDAQ: GLNG) gained 4.9%, and Awilco LNG (OSE: ALNG) added 3.5%. Other companies moved around zero gains as sellers pushed prices lower. Until Friday, many U.S. companies held higher prices, but Friday’s sell-off took much of the rise.

In summary, UPI still has the potential to rise and make a new high, but the resistance area below the all-time highs is tough. SPX continues to decline and does not offer any support to UPI.

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

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