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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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Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
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- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
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