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