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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- White Energy Company Limited
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
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