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Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
 Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—Russia began to manipulate Europe’s energy markets by trimming gas shipments and emptying gas storage facilities on the continent. To fill the supply gaps, Europe ramped up its purchases of liquefied natural gas (LNG). A global bidding war for LNG ensued. Wealthy European nations vied with buyers in Japan, South Korea, Taiwan, China, and developing nations for a limited LNG supply, and prices soared to previously unimaginable highs.
The gas price contagion quickly spread to American shores. U.S. LNG exporters bought all the gas they could handle, hoping to reap big profits by selling U.S. gas to overheated global markets. Surging exports, in turn, shortchanged U.S. supplies; domestic gas stockpiles fell to multi-year lows, and wholesale gas prices rocketed to their highest levels in more than a decade.
Those price spikes were largely passed on to U.S. consumers. According to the Energy Information Administration, total U.S. spending on natural gas soared to $269 billion in 2022, up from $150 billion in 2019, the last “normal” year before COVID-19 and Russia roiled U.S. gas markets.
It’s impossible to know exactly how much U.S. consumers would have spent if Russia hadn’t upended global gas markets. But there’s absolutely no doubt that surging LNG exports helped trigger the surge in U.S. gas prices.
Between 2020 and 2022, total gas production in the U.S. increased by 7 billion cubic feet per day (Bcf/d), while domestic consumption went up by just 4.6 Bcf/d. With domestic production rising faster than consumption, you might expect prices to stay muted. But exports changed the equation. LNG exports went up by 4 Bcf/d over the same period, and pipeline exports rose by 0.4 Bcf/d. All told, combining growth in bothdomestic consumption and exports, demand for U.S. gas went up about 2 Bcf/d faster than production.
With demand outpacing supply, prices soared. But if exports had grown more slowly, the U.S. gas market would have been in better balance, and prices would have been closer to—or perhaps less than—their long-term average.
In the years before Russia upended the U.S. gas market, the average monthly wholesale price for gas hovered at just over $3 per million metric British thermal units (MMBtu). FromSeptember 2021 through December 2022—the years of Russian-induced gas market chaos—prices nearly doubled their long-term average.
Higher wholesale prices fueled inflation for all U.S. consumers, including families heating their homes, businesses, and industries. It became more expensive to keep the lights on, as well. Gas-dependent electric utilities saw their costs rise, and many passed the increased costs to their customers. Some people saw the price increases directly in their utility bills, but much was hidden in the overall increase in prices for goods and services.
If domestic gas prices had remained at their long-term average, U.S. consumers would have spent roughly $111 billion less on wholesale natural gas purchases from September 2021 through December 2022. Or, said differently, the Russia-induced price spikes cost U.S. households and gas buyers $111 billion, but led to a $111 billion windfall for the gas industry.
The transfer of wealth from gas consumers to gas producers varied by sector. All told, homeowners and renters paid gas companies an additional $14 billion during the market havoc. Office buildings and other commercial users spent an additional $11 billion. U.S. industrial gas users transferred about $33 billion to oil and gas companies. And electric utilities paid a whopping $50 billion more for their fuel.
It’s high time for the consumer effects of LNG exports to receive the attention they deserve. After all, what’s happened before could happen again. When the circumstances are right—a cold snap in Asia, a pipeline explosion in Europe, unrest in the Middle East—overseas buyers will once again ramp up their demand for LNG and compete directly with U.S. consumers for a limited supply of U.S. gas. The more export capacity we have, the more likely it is that a gas supply disruption anywhere in the world will trigger a price spike here at home. It’s a twist on the old adage: When the world sneezes, the U.S. will catch cold.
Source: IEEFA
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Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
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- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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