We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 26 to 30 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
|
| |
| |
|
