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Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
 Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—Russia began to manipulate Europe’s energy markets by trimming gas shipments and emptying gas storage facilities on the continent. To fill the supply gaps, Europe ramped up its purchases of liquefied natural gas (LNG). A global bidding war for LNG ensued. Wealthy European nations vied with buyers in Japan, South Korea, Taiwan, China, and developing nations for a limited LNG supply, and prices soared to previously unimaginable highs.
The gas price contagion quickly spread to American shores. U.S. LNG exporters bought all the gas they could handle, hoping to reap big profits by selling U.S. gas to overheated global markets. Surging exports, in turn, shortchanged U.S. supplies; domestic gas stockpiles fell to multi-year lows, and wholesale gas prices rocketed to their highest levels in more than a decade.
Those price spikes were largely passed on to U.S. consumers. According to the Energy Information Administration, total U.S. spending on natural gas soared to $269 billion in 2022, up from $150 billion in 2019, the last “normal” year before COVID-19 and Russia roiled U.S. gas markets.
It’s impossible to know exactly how much U.S. consumers would have spent if Russia hadn’t upended global gas markets. But there’s absolutely no doubt that surging LNG exports helped trigger the surge in U.S. gas prices.
Between 2020 and 2022, total gas production in the U.S. increased by 7 billion cubic feet per day (Bcf/d), while domestic consumption went up by just 4.6 Bcf/d. With domestic production rising faster than consumption, you might expect prices to stay muted. But exports changed the equation. LNG exports went up by 4 Bcf/d over the same period, and pipeline exports rose by 0.4 Bcf/d. All told, combining growth in bothdomestic consumption and exports, demand for U.S. gas went up about 2 Bcf/d faster than production.
With demand outpacing supply, prices soared. But if exports had grown more slowly, the U.S. gas market would have been in better balance, and prices would have been closer to—or perhaps less than—their long-term average.
In the years before Russia upended the U.S. gas market, the average monthly wholesale price for gas hovered at just over $3 per million metric British thermal units (MMBtu). FromSeptember 2021 through December 2022—the years of Russian-induced gas market chaos—prices nearly doubled their long-term average.
Higher wholesale prices fueled inflation for all U.S. consumers, including families heating their homes, businesses, and industries. It became more expensive to keep the lights on, as well. Gas-dependent electric utilities saw their costs rise, and many passed the increased costs to their customers. Some people saw the price increases directly in their utility bills, but much was hidden in the overall increase in prices for goods and services.
If domestic gas prices had remained at their long-term average, U.S. consumers would have spent roughly $111 billion less on wholesale natural gas purchases from September 2021 through December 2022. Or, said differently, the Russia-induced price spikes cost U.S. households and gas buyers $111 billion, but led to a $111 billion windfall for the gas industry.
The transfer of wealth from gas consumers to gas producers varied by sector. All told, homeowners and renters paid gas companies an additional $14 billion during the market havoc. Office buildings and other commercial users spent an additional $11 billion. U.S. industrial gas users transferred about $33 billion to oil and gas companies. And electric utilities paid a whopping $50 billion more for their fuel.
It’s high time for the consumer effects of LNG exports to receive the attention they deserve. After all, what’s happened before could happen again. When the circumstances are right—a cold snap in Asia, a pipeline explosion in Europe, unrest in the Middle East—overseas buyers will once again ramp up their demand for LNG and compete directly with U.S. consumers for a limited supply of U.S. gas. The more export capacity we have, the more likely it is that a gas supply disruption anywhere in the world will trigger a price spike here at home. It’s a twist on the old adage: When the world sneezes, the U.S. will catch cold.
Source: IEEFA
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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
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