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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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Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
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- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
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