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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- The University of Queensland
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Parliament of New Zealand
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
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