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Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices more than doubling since the end of last year.
Traders are now torn between prospects for a continued rally and a pullback on the heels of global efforts toward net-zero emissions.
Based on the most-active contracts traded on ICE, futures for Newcastle coal NCFF23, -1.61%, the Asian-Pacific region benchmark for thermal coal that’s exported from the Newcastle coal terminal in Australia, was at $408.80 on Dec. 6, up 141% from Dec. 31, 2021, according to FactSet data. Coal’s gain this year leads the overall rise among major commodities.
Tight supply due to wet weather in Australia hampering production; strong demand from India, China, and others; and the European energy crisis” all contributed to strength in coal prices, says Will Rhind, founder and CEO of GraniteShares, which runs the GraniteShares Bloomberg Commodity Broad Strategy No K-1COMB +0.38% exchange-traded fund COMB, +0.52%.
Following Russia’s invasion of Ukraine, European countries scrambled to replace Russian energy with alternatives, as Russian natural-gas supplies to Europe were mostly cut off. China has been “extracting record amounts of coal from its own mines as it seeks to insulate itself from the volatility seen in global energy markets,” says Rhind. “Outages from other European energy sources, such as hydro and nuclear plants…exacerbated the situation.”
Overall, “coal remains the largest source of electricity in the world,” he says. It’s the “cheapest to mine, easy to transport, and efficient to burn.”
Coal accounted for about 36.5% of the global power mix in 2021, followed by natural gas with a 22% share, according to Statista. In the U.S., coal accounted for 21.9% of the total 2021 amount of electricity generated at domestic power facilities, while 38.4% was sourced from natural gas, according to the Energy Information Administration.
Global supply of high quality thermal coal has been tight since before the invasion of Ukraine, says Wendy Schallom, coal analyst, analytics, at S&P Global Commodity Insights. The resulting ban on imports of Russian material by the European Union, Japan, and others, and the search for replacement coal, exacerbated the spot coal price rise, she adds.
There has also been a “diversion of coal supply,” originally destined for Asia, moving to Europe to replace the high-quality Russian supplies, says Schallom.
“Fuel switch price signals” had been firmly in favor of hard coal generation since the fourth quarter of 2021, she says, but the recent sharp fall in European gas hub prices means that those price signals reversed in October, with coal-to-gas switching settling in for the first time in more than a year.
If European gas prices recover as expected, fuel switch price signals will reverse again, with gas-to-coal switching likely to soon return, Schallom says. “This will put renewed pressure on German gas and support German hard coal generation.”
Meanwhile, it isn’t surprising that strong use of coal represents a setback in the world’s efforts to meet net-zero emissions by 2050. Developed nations need to entirely eliminate coal plants by 2030, and the rest of the world by 2040, to meet that goal, says GraniteShares’ Rhind. The two largest coal consumers, however —India and China — are investing even more in coal, expanding their power-plant network through the end of the next decade, he says.
Rhind expects global coal demand to remain high, but prices may “moderate” in 2023, especially if there’s a resolution to the Russia-Ukraine war. Supply will remain constrained, but ironically, higher coal prices will almost certainly contribute to increased demand for renewable energy “in order to find cheaper, more environmentally friendly, and independent sources of energy.”
Source: MarketWatch
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Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
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- Australian Coal Association
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Agrawal Coal Company - India
- The Treasury - Australian Government
- White Energy Company Limited
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Planning Commission, India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Economic Council, Georgia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
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