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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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Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
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 ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
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- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Indika Energy - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- MS Steel International - UAE
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
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