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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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Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
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- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- PTC India Limited - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Economic Council, Georgia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
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