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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, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
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- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
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