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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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