The UP World LNG Shipping Index (UPI) declined by 1.29 points or 0.83% last week, reaching a closing value of 155.02 points. This index monitors the stocks of companies that specialise in LNG shipping. In contrast, the S&P 500 (SPX) index, representing US stocks, gained 2.29%. The image below displays both indices.

Week 13-2024: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)
Week 13-2024: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Last week, the majority of UPI’s constituents experienced mild changes in their values, but the overall index showed a decline to the 2023 range. Although some constituents gained or lost less than one percent, and most moved less than two percent, even these small movements were significant enough to pull the index down. The UPI index fell to its lowest point since February.

How did three potential new trends perform last week? Oil and gas drillers mostly had mild gains. Shell (NYSE: SHEL) did the best, adding 1.6%, followed by BP (NYSE: BP), which rose by 0.8%. Chevron (NYSE: CVX) failed to break the resistance and lost 0.6%.

The Japanese trio continued in an unwilling decline. NYK Line (TSE: 9101) lost 1.7%, “K” Line (TSE: 9107) dropped by 1.5%, and MOL (TSE: 9104) slightly lost 0.4%.

Nakilat (QSE: QGTS) tried to continue rising, but this attempt was refused, and Nakilat lost 2.1%. This unsuccessful attempt to rise broke through the resistance, as did the stock two weeks ago. The stock remained closely below the resistance so that we could await a new try.

The biggest gain made Dynagas (NYSE: DLNG), which rose by 3%. The growth started the same day as management announced the earnings release day, which is this Thursday. Golar LNG (NASDAQ: GLNG) gained 1.9%, the second most significant rise.

Awilco LNG (OSE: ALNG) lost 16.3% after going ex-dividend. The loss was slightly higher than the 1 NOK dividend and broke the previous low. New Fortress Energy (NASDAQ: NFE) lost 4.2% and broke through the support. This decline proved the starting downtrend via a 1-2-3 pattern on the weekly chart. SM Korea Line (KRX: 005880) lost 3.5%.

In summary, UPI moved back to the range of 2023 without any significant movement of its constituents. This decline was stopped at this year’s lowest value, so we can´t talk about any trend despite the loss. On the other hand, this level is important, and more force would be needed to break it down.

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 covered over 65% of the world’s LNG carrier fleet in 2020. 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.

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