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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, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
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- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
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