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Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
 The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a year earlier. European natural gas and South African coal prices reached all-time highs in March and April, while U.S. natural gas prices reached their highest level since 2008. The surge in prices partly reflects the impact of the Russian invasion of Ukraine; in 2020, Russia accounted for one-quarter of global exports of natural gas and just under one-fifth of coal exports. Beyond the impact of the war, demand for natural gas and coal has been robust, rising by about 5 and 6 percent, respectively, in 2021 amid a strong post-pandemic recovery, with both reaching record highs.
The war in Ukraine is disrupting trade in energy. Europe relies heavily on Russia for imports of natural gas and coal. In response to the war, the European Union imposed a ban on imports of Russian coal starting in August 2022 and has pledged to reduce imports of Russian gas by two-thirds by the end of the year. While some of Russia’s coal can be redirected to other countries, this will be costly as coal is bulky and expensive to transport. Redirection of natural gas is even more limited due to a lack of transportation infrastructure — 70% of Russia’s exports to Europe are by pipeline.
EU turns to alternative LNG suppliers. The EU has sharply increased its imports of liquefied natural gas (LNG) to rebuild depleted inventories and diversify its suppliers. Inventories have risen rapidly in the last few months, although they remain slightly below the five-year average. In addition, EU countries are investing in additional infrastructure to facilitate LNG trade, such as new terminals, and the EU has also announced plans to sharply increase renewable energy capacity. Energy policies in Europe, however, have large spillover effects on other countries. For example, the sharp increase in EU imports of LNG has forced other countries that rely on LNG, notably emerging markets in Asia, to turn to coal.
Amid high prices, U.S. exports of LNG soar. The United States exported 11.5 billion cubic meters per day in the first half of 2022, a record high and equal to 12% of its domestic production. U.S exports to the EU and the United Kingdom have more than tripled compared to last year, such that Europe accounted for about three-quarters of U.S. LNG exports in the first half of 2022. The increase in U.S. LNG exports reflects the high spot prices of European natural gas compared to both the U.S. and Asia prices. U.S. LNG exports have recently declined, however, due to an explosion at a major LNG terminal. This disruption to supplies is expected to last until October.
Coal production rises amid high prices and shortages. Although global coal production increased by nearly 6% in 2021, coal shortages in China and India led to policies aimed at increasing domestic production. Because the coal (and natural gas) shortages have persisted, additional policy measures were introduced earlier this year. India, for example, announced plans to reopen 100 coal mines that had previously been considered uneconomic.
Risks to the natural gas and coal outlook. After a projected sharp increase in 2022, natural gas and coal prices are expected to moderately decline in 2023, although they will remain much higher than their five-year average. The duration of the Russia-Ukraine conflict and the extent of its disruption to trade in coal and natural gas are the biggest uncertainties facing the outlook for the market. A sharp reduction in Russia’s exports to the EU, for example, could cause prices to spike, particularly if it occurred during the winter period when demand is high. Exports of natural gas from Russia to Europe have already fallen due to maintenance and other technical issues with the Nord Stream 1 pipeline. Prices also remain vulnerable to weather-related conditions and import policies that can affect trade patterns and push up costs. This is particularly the case given the very limited global spare production capacity for natural gas.
By Peter Nagle & Kaltrina Temaj
World Bank
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
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- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- The University of Queensland
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Agrawal Coal Company - India
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