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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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- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Economic Council, Georgia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- The University of Queensland
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
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