Last week, the UP World LNG Shipping Index (UPI), the only stock index focused on LNG shipping companies, lost 2.57 points or 1.66%, closing at 152.06 points. The S&P 500 (SPX) index, representing U.S. stocks, lost 0.31%. Both indices can be found in the image provided below.
UPI closed the six-week growth series below the resistance area due to the decline of one main culprit, Golar LNG (NASDAQ: GLNG), which lost 7.6% and, combined with its large weight in the index, led to the slump. Meanwhile, Qatar Transport Company – Nakilat (QSE: QGTS), the biggest company in the index, lost 0.6%, and Mitsui O.S.K. Lines (TSE: 9104), the third biggest company in the index, gained only 0.6%
In contrast, Kawasaki Kisen Kaisha (TSE: 9107) saw the biggest growth, gaining 8%, followedby Cool Company (NYSE/OSE: CLCO), with gains of 4.9% in Oslo and 5.6% in New York. Chevron (NYSE: CVX), New Fortress Energy (NASDAQ: NFE), and Shell (NYSE: SHEL) were also among the gainers, increasing 3%, 2.8%, and 2.1%, respectively.
Decliners included Capital Product Partners (NASDAQ: CPLP), which lost 3%, and Excelerate Energy (NASDAQ: EE) and Dynagas LNG Partners (NYSE: DLNG), which lost 2.4% and 2.1%, respectively.
Although UPI is below the resistance range, this decline may be considered an anomaly. If so, UPI should recover this week.
About: 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.
