We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Friday, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
|
|
|
Showing 61 to 65 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
|
| |
| |
|
