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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, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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 ...
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- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
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