Last week, the UP World LNG Shipping Index (UPI) gained 3.21 points or 2.18%, closing at 150.18 points. This index tracks the performance of LNG shipping companies. The S&P 500 (SPX) index, representing U.S. stocks, also experienced a gain of 2.50%. You can find both indices in the image provided below.
The past week was more positive than the previous three, and one two-digit gainer appeared. The most important thing is that these gains took prices above the support ledges, making the next rise easier.
Of the eighteen constituents of the UPI, fifteen gained last week, and no loss was significant. All the positive news mentioned in the previous report helped UPI rise, with the most important being the rise of SPX.
New Fortress Energy (NASDAQ: NFE) was the biggest gainer, with nearly 11% gain. NFE announced the Q2 results in August, and last week’s rise started with an opening gap and continued the whole week. This rise also closed a decline gap made in March, making it a successful week for NFE.
Golar LNG (NASDAQ: GLNG) was the second biggest gainer, with a 6.4% gain in its shares last week. This gain pushed the price to the top of the support ledge. “K” line (TSE: 9107) continued rising and finally closed above the last high made in August.
The gas and oil drilling trio, BP, Chevron, and Shell, were also successful, gaining from three to five percent. BP (NYSE: BP) gained the most at 5.5%, followed by Chevron (NASDAQ: CVX) with 3.3%. Shell (NYSE: SHEL) rose by 3%. Excelerate Energy (NASDAQ: EE) also gained 3%. The most important for this constituent is the revenue to the support ledge, broken down a week before. Cool Company (NYSE/OSE: CLCO) made 4% last week.
Qatar Gast Transport Company – NAKILAT (QSE: QGTS) lost 1.3% last week, but its price was pushed much more for a while on Tuesday. Awilco LNG (OSE: ALNG), which had an ex-date on August 29, marked a similar loss of 1.2%.
In summary, UPI gained after three weeks of loss as optimism returned to the stock markets. This turn came just on the 50-day moving average. Fifteen out of eighteen constituents rose, with the biggest gain being nearly 11%. This growth took prices above the support ledges, making the next rise easier.
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.
Source: UP-Indices.com