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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 million British thermal units (MMBtu), in our February Short-Term Energy Outlook (STEO). We forecast increases in natural gas prices as demand for natural gas grows faster than supply in 2024.
In 2022 and 2023, increases in natural gas supply (domestic natural gas production and imports) exceeded the increases in natural gas demand (domestic consumption and exports). In 2024, we expect the reverse will be true: demand increases by 2.3 billion cubic feet per day (Bcf/d) in our forecast, and supply remains relatively flat. In 2025, we expect supply and demand to grow at similar rates, although inventories will build because supply will still slightly exceed demand in our forecast.
At the end of January 2024, 7% more natural gas was held in U.S. inventories than the five-year (2019–23) average for that time of year. We expect natural gas inventories to remain high relative to their previous five-year average throughout 2024 and 2025.
We forecast that most of our increase in U.S. natural gas supply will come from domestic production of associated natural gas, much of which is in the Permian region of western Texas and eastern New Mexico. As a result, if U.S. crude oil production is less than we expect, we will also see less natural gas production than we forecast. In late 2023, we described in a STEO Perspectives paper how different crude oil prices might affect crude oil and natural gas production in our short-term forecast.
Growth in natural gas demand is driven by domestic consumption in 2024, then exports in 2025
We expect natural gas consumption to grow in all sectors in 2024 except the industrial sector, where we expect consumption will decrease slightly. Sectoral changes in natural gas consumption depend mostly on the weather. Natural gas-fired power plants provide about 40% of U.S. electricity generation annually, so electricity demand from heating and air-conditioning equipment influences how much natural gas the electric power sector consumes. We expect about 11% more U.S. natural gas consumption for electricity in 2024 than the previous five-year average.
In the residential and commercial sectors, colder temperatures in the winter also affect direct natural gas consumption by heating equipment. We expect combined consumption in the residential and commercial sectors to be 5% higher in 2024 than in 2023 because January 2023 and December 2023 had warmer-than-average temperatures, leading to relatively low consumption of natural gas for space heating. Our assumptions for future weather largely reflect the trend of the past 30 years.
The mix of energy sources and technologies used to generate electricity also affects natural gas consumption in the electric power sector. As developers add more generating capacity from solar- and wind-powered generators, those generators’ incremental generation may reduce the need to dispatch natural gas-fired power plants. Changes in the timing and magnitude of new solar and wind capacity would also affect our forecast for natural gas consumption in the electric power sector.
U.S. natural gas exports depend on the timing of new LNG export terminals
The United States exported 20.8 Bcf/d of natural gas in 2023, 57% as liquefied natural gas (LNG). At the end of 2023, 11.4 Bcf/d of baseload nameplate LNG export capacity had been built in the United States, and we expect developers to add an additional 5.3 Bcf/d of new LNG export capacity by the end of 2025.
According to trade press reports and other sources, three new terminals will come on line in the second half of 2024 and in 2025. Any changes to the operational dates of the three new export terminals—Golden Pass and Corpus Christi Stage III in Texas and Plaquemines LNG in Louisiana—may notably affect our LNG export forecast and, in turn, our overall natural gas demand expectations.
Our forecast accounts for the recent U.S. Department of Energy (DOE) announcement to pause determinations on applications to export LNG to countries with which the United States does not have a free trade agreement. However, capacity additions through 2025 will not be affected because these projects have been fully authorized by DOE and are already under construction.
Natural gas prices at several price hubs in Europe and Asia remain relatively high over the forecast period compared with U.S. natural gas prices. We assume that U.S. LNG over the forecast period will continue to replace natural gas that had been exported from Russia by pipeline to Europe. Because global LNG liquefaction capacity additions will be limited in the next two years, demand for flexible LNG supplies, mainly from the United States, will increase to meet incremental growth in global demand.
Source: EIA
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Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
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Showing 51 to 55 news of total 6871 |
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- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
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