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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, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
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- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Heidelberg Cement - Germany
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
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