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