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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, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
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- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
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