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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, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
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- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Eastern Energy - Thailand
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
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