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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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