The UP World LNG Shipping Index surged 4.05% to close at 182.36 points, breaking through the 180-point barrier for the first time in history and setting new all-time highs. This strong performance contrasted sharply with the S&P 500, which gained 0.3% over the same period. Trading volume remained well above average with a decisive 15:4 ratio of advancing to declining stocks, as several constituents broke through key resistance levels on elevated volume. COSCO Shipping Energy Transportation led gains with a 10.6% rise, followed by Chevron at 6.1%, while oil majors Shell and BP also posted solid advances above their respective resistance levels.

The sector’s rally comes amid challenging fundamentals for spot charter markets, with Atlantic rates continuing their decline to $11,000 per day according to Spark Commodities. Freezing weather across Europe has increased gas consumption, although suppliers are drawing from storage rather than purchasing at elevated prices, leaving EU storage at around 42% capacity. New Fortress Energy remained the notable laggard, plunging 23.56% amid ongoing restructuring concerns, while Dynagas LNG Partners and Awilco LNG also posted losses. The outlook remains positive in the long term, supported by steam vessel scrapping and additions to liquefaction capacity, though near-term volatility is expected to persist given weather patterns, natural gas prices, quarterly earnings, and geopolitical developments.

UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, gained 7.10 points (4.05%), closing at 182.36 points, while the S&P 500 index gained 0.3%. The chart below illustrates the performance of both indices with weekly data.

Week 5-2026: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader View
UPI continues its strong growth, which began at the start of the year, and is setting new historical highs. It even exceeded the 180-point mark for the first time in history, with a 4% increase.

Although Friday’s trading on the stock exchanges was highly volatile, several companies broke through their resistance levels during the week and remained there at the end of the week.

Trading volume was again well above average, with a ratio of rising to falling stocks of 15:4 and a median movement of 2.05%.
Atlantic spot rates continue to decline, falling to $11,000 per day according to Spark Commodities. The freezing weather in Europe is increasing gas consumption, which suppliers are currently covering from storage facilities to avoid purchasing gas at rising prices. Storage facilities are around 42% full.

Constituents
COSCO Shipping Energy Transportation (SS: 600026) not only showed the strongest growth but also reached price levels that had been rejected in the previous two weeks. Although it had been trading above resistance for the last two weeks, it had been unable to break through significantly. Only now has it seen strong growth of 10.6%, supported by above-average volume, which has allowed the price to overcome the resistance.
Chevron (NYSE: CVX) showed a similar performance but remained below resistance for the last three weeks. Last week, it broke through resistance amid increased volume and grew by 6.1%.

Tsakos Energy Navigation (NYSE: TEN) also moved above resistance and broke through its magnetic pull last week, rising 4.54%. The magnetic pull of resistance lay not only in stopping growth just above resistance, but also as an area of previously rejected attempts at growth. In technical analysis, this was the area of the knots of individual candles. Now the price is above them.

Shell (NYSE: SHEL) grew slightly less, adding 4.45% during the week. It also rose above the resistance formed by the closing prices, although it is not yet above the level of the wicks of the candles from previous weeks.

Korea Line Corporation (KRX: 005880) showed nice growth of 4.1%, but ended exactly at resistance. Attempts at higher growth were rejected. However, the volume during the growth period was above average, indicating strong interest in higher prices.
BP (NYSE: BP) also broke above resistance, rising 3.7% on above-average volume.

Excelerate Energy (NYQ: EE) continues to grow, rejecting attempts at decline and ending the week up 3.58%.
Nakilat (QSE: QGTS) also broke through resistance, rising 3.2% on above-average volume. However, it still needs to overcome the magnetism of resistance, or the area of previously rejected prices (knots). It did not break above them during the week.

Japanese companies are moving into a newly forming zone. Mitsui O.S.K. Lines (TSE: 9104) was the most successful of the Japanese trio, gaining 2.35%, but this growth was inconclusive. The movement was from the base of the newly forming range, and after breaking through its upper edge, the growth was pushed to the middle of this area. The remaining two companies, NYK Line (TSE: 9101) and “K” Line (TSE: 9107), were able to grow above their support levels.

Capital Clean Energy Carriers (NYQ: CCEC) also rose above resistance, although its weekly growth was corrected to 2.1%.
MISC (KLSE: 3816) and Flex LNG (NYSE: FLNG) strengthened by more than one per cent. MISC rose above the resistance of the previous sideways trend and also closed above it. It ended the week up 1.52%, as another attempt at growth was rejected. Flex LNG is moving in its sideways trend around resistance.

Golar LNG (NYQ: GLNG) looks indecisive, forming a doji pattern at its resistance with a 0.3% increase and upward and downward movements. This is not a sign of growth.
New Fortress Energy (NYQ: NFE) once again led the group of declining companies, but it has been volatile for an extended period. This time, the double-digit shift was negative, amounting to 23.56%.
Dynagas LNG Partners (NYSE: DLNG) returned to its sideways range after a brief excursion above it, falling 6.2%.
Awilco LNG (OSE: ALNG), which is suffering from falling spot rates, fell below its support level. It fell 4.7%.
ADNOC Logistics & Services (ADX: ADNOCLS) returned to support with a decline of 1.58%.

Crystal Ball
UPI gained from the support area and moved towards resistance in a sideways market. The increased volatility persists, with weather, natural gas prices, quarterly earnings, and geopolitical events being the key factors over the next few weeks.
Our outlook remains positive in the long term. The scrapping of steam vessels and the addition of new liquefaction capacity are pushing the sector higher.
Source: By Tomas Novotny, UP-Indices.com