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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
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