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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, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Independent Power Producers Association of India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
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