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Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
 The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a year earlier. European natural gas and South African coal prices reached all-time highs in March and April, while U.S. natural gas prices reached their highest level since 2008. The surge in prices partly reflects the impact of the Russian invasion of Ukraine; in 2020, Russia accounted for one-quarter of global exports of natural gas and just under one-fifth of coal exports. Beyond the impact of the war, demand for natural gas and coal has been robust, rising by about 5 and 6 percent, respectively, in 2021 amid a strong post-pandemic recovery, with both reaching record highs.
The war in Ukraine is disrupting trade in energy. Europe relies heavily on Russia for imports of natural gas and coal. In response to the war, the European Union imposed a ban on imports of Russian coal starting in August 2022 and has pledged to reduce imports of Russian gas by two-thirds by the end of the year. While some of Russia’s coal can be redirected to other countries, this will be costly as coal is bulky and expensive to transport. Redirection of natural gas is even more limited due to a lack of transportation infrastructure — 70% of Russia’s exports to Europe are by pipeline.
EU turns to alternative LNG suppliers. The EU has sharply increased its imports of liquefied natural gas (LNG) to rebuild depleted inventories and diversify its suppliers. Inventories have risen rapidly in the last few months, although they remain slightly below the five-year average. In addition, EU countries are investing in additional infrastructure to facilitate LNG trade, such as new terminals, and the EU has also announced plans to sharply increase renewable energy capacity. Energy policies in Europe, however, have large spillover effects on other countries. For example, the sharp increase in EU imports of LNG has forced other countries that rely on LNG, notably emerging markets in Asia, to turn to coal.
Amid high prices, U.S. exports of LNG soar. The United States exported 11.5 billion cubic meters per day in the first half of 2022, a record high and equal to 12% of its domestic production. U.S exports to the EU and the United Kingdom have more than tripled compared to last year, such that Europe accounted for about three-quarters of U.S. LNG exports in the first half of 2022. The increase in U.S. LNG exports reflects the high spot prices of European natural gas compared to both the U.S. and Asia prices. U.S. LNG exports have recently declined, however, due to an explosion at a major LNG terminal. This disruption to supplies is expected to last until October.
Coal production rises amid high prices and shortages. Although global coal production increased by nearly 6% in 2021, coal shortages in China and India led to policies aimed at increasing domestic production. Because the coal (and natural gas) shortages have persisted, additional policy measures were introduced earlier this year. India, for example, announced plans to reopen 100 coal mines that had previously been considered uneconomic.
Risks to the natural gas and coal outlook. After a projected sharp increase in 2022, natural gas and coal prices are expected to moderately decline in 2023, although they will remain much higher than their five-year average. The duration of the Russia-Ukraine conflict and the extent of its disruption to trade in coal and natural gas are the biggest uncertainties facing the outlook for the market. A sharp reduction in Russia’s exports to the EU, for example, could cause prices to spike, particularly if it occurred during the winter period when demand is high. Exports of natural gas from Russia to Europe have already fallen due to maintenance and other technical issues with the Nord Stream 1 pipeline. Prices also remain vulnerable to weather-related conditions and import policies that can affect trade patterns and push up costs. This is particularly the case given the very limited global spare production capacity for natural gas.
By Peter Nagle & Kaltrina Temaj
World Bank
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
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- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Australian Coal Association
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
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