We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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.
...
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 ...
|
|
|
Showing 21 to 25 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
|
| |
| |
|
