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