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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, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
Tuesday, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
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- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
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