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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Planning Commission, India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- The University of Queensland
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
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