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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, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
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- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
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