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