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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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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—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
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- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Planning Commission, India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
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