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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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- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Mjunction Services Limited - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
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