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