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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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Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
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- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
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