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