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