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