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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- The University of Queensland
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Makarim & Taira - Indonesia
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