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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
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