African LNG to Attract $103Bln in 2019
With greenfield investments in Nigeria, Egypt, Mozambique and elsewhere reaching nearly $103 billion this year, it is clear that liquefaction is viewed as the most profitable strategy for realizing Africa’s gas potential, said Gas Exporting Countries Forum (GECF).Africa is an exciting frontier in the global natural gas sector. The continent holds 7.1 percent of proven global gas reserves and is expected to contribute nearly 10 percent of global production growth through to 2024.Nigeria accounts for over 50 percent of current LNG production capacity on the continent.
2016 Thermal Coal Markets Sluggish on Weak Demand
Physical coal prices loiter around $50 per tonne on mild winter. Thermal coal prices started the new year warily with physical cargo values around $50 per tonne and futures testing $40 a tonne for the first time since 2003, as last year's commodity rout spills into 2016. Physical coal cargoes for prompt shipment from Australia's Newcastle terminal last settled at $50.35 a tonne, below levels seen during the global credit crisis of 2008/2009. But prices for…
Thermal coal Prices near Record Lows
Physical coal prices were mired near record lows this week as slower economic growth in top consumer China dented the outlook for demand, although some production cutbacks by the world's biggest thermal coal exporter Indonesia helped check losses. Thermal coal benchmarks hit record lows earlier this month due to a sharp slowdown in demand, especially in Asia, and with overall mining output remaining stubbornly high. Prompt prices for Australian coal cargoes from its Newcastle terminal fell 20 percent between late April and early September and have moved sideways since.
European Thermal Coal Futures at 12-year low
European thermal coal prices extended their losses to hit a new 12-year low on Thursday, having fallen around 25 percent since the start of the year on a glut of supply. European API2 2015 coal futures were down 0.3 cents or 0.6 percent at $49.75 a tonne, their lowest since November 2003. European cargoes for nearby delivery into Amsterdam, Rotterdam or Antwerp (ARA) last closed at $53.90 a tonne, having fallen by around 4 percent in the past month. Traders said a downwards trend in shipments into the world's top coal consumer China was expected to continue into 2016…
Global Coal Benchmarks Below 2009 Levels
Thermal coal prices down 75 pct since 2008, 60 pct since 2011. Three leading global thermal coal price benchmarks have fallen below levels last seen during the global financial crisis of 2008-2009, knocked by a sharp slowdown in demand, especially in Asia, and with mining output remaining stubbornly high. Europe's Amsterdam-Rotterdam-Antwerp, Australia's Newcastle and South Africa's Richards Bay benchmarks have dropped to between $51 and $58 per tonne, or about 60 percent off their last peak in 2011 and 75 percent below all-time highs hit in 2008.
Saldanha Bay Could be S.Africa's First LNG Import Terminal
Gas seen as key to help resolve power crisis; gas could be sourced from Nigeria, Angola, Mozambique. South Africa could build its first 20 billion rand ($1.4 billion) liquefied natural gas (LNG) import facility at the west coast port of Saldanha Bay to feed gas-to-power projects aimed at easing chronic supply shortages, an official said on Tuesday. Importing LNG is among the options Africa's most developed economy is considering to diversify its energy sources away from coal and ease power shortfalls that have curbed growth.
Oil Leads Market Rout as Asian Shares Tumble
Commodities pulled down by tumbling Asian equities; Oil, coal, copper at 2009 financial crisis levels. Commodity markets lurched lower on Monday after Chinese equities resumed their slide, fuelling worries of a hard landing in the world's biggest consumer of raw materials. Crude oil tumbled to its weakest levels in 6-1/2 years while industrial metals prices also hit multi-year lows amid a broad sell-off of risky assets. Investors took flight after the Chinese stock market posted its biggest one-day loss since the height of the global financial crisis in 2007…
South African Coal Terminal Kicks Off Equipment Upgrade
South Africa's Richards Bay Coal Terminal (RBCT) will begin this year a 1.34 billion rand ($108 million) machine replacement program to upgrade a facility that has been running for four decades, the company said on Thursday. Some of the machinery at Africa's biggest coal terminal, including coal ship loaders and stacker reclaimers, have less than three years of shelf life left. Five existing substations will be reconfigured and one new station will be built in a project that will be completed in January 2018, officials said.
European Thermal Coal Dips, Demand Weak
UK demand drops after carbon tax increase; India's June imports flat year on year. European thermal coal prices eased on Wednesday, plagued by weak demand and large stocks. European cargoes for delivery into Amsterdam, Rotterdam or Antwerp (ARA) in July last closed at $56.95 a tonne, having fallen around 5 percent in the past two weeks. "That (price) is considerably lower than what we've seen recently, nearby demand in Europe is very very lacklustre," a trader said.
European Physical Prices Edge Up, Australia Flat
European physical thermal coal prices inched up on Thursday afternoon amid low volume, while Australian prices were flat. In the European market, cargoes for delivery in January to Amsterdam, Rotterdam and Antwerp (ARA) were 5 cents higher at $74.85 a tonne on the Globalcoal trading platform at 1505 GMT. Volume was low at 50,000 tonnes traded. Oversupply continues to plague global coal markets, and a couple of producers have announced supply cuts over the past week.
Futures Edge Higher on Stronger Oil Prices
European thermal coal futures edged higher on Wednesday, buoyed by stronger oil prices. API2 2015 coal futures traded at $72.70 a tonne on Wednesday afternoon, up 10 cents on Tuesday's close. Traders said the rise came on the back of higher Brent crude prices, which climbed over $87 per barrel on Wednesday as oil traders anticipated that the Federal Reserve would keep U.S. interest rates low, putting pressure on the dollar. Weaker currencies in coal producing countries typically make exports more attractive at a time when the market is bearish because of excess supply.
European Prices Flat, Australia Mixed
Newcastle price for Dec. Newcastle price for Jan. European physical coal prices for December were flat on Friday afternoon, while Australian prices were mixed but still close to 2009 levels. European coal for delivery in December to Amsterdam, Rotterdam and Antwerp (ARA) was flat at $74.75 a tonne on the GLOBALcoal platform at 1426 GMT, with 50 lots traded. Meanwhile, cargoes for delivery in December from Australia's Newcastle terminal were down $0.25 to $64.35 a tonne at 1327 GMT, while January cargoes inched up $0.15 to $64.75 a tonne.
Prices Remain Weak as Australian Exports Surge
U.S. Thermal coal prices remained near five-year lows on Tuesday as Australian exports levels rose despite global oversupply, although a surge in Indian demand did lend support to some contracts. Australian cargoes for delivery from its Newcastle terminal in November were trading at $64.50 a tonne on Tuesday afternoon, down $0.35 since their last close and close to five-year lows. The price drop came as Australia, one of the world's biggest coal exporters, reported its highest coal shipment figures since the peak of Asia's last winter season in December 2013…
Prices Dip to Five-Year Low on Weak Demand
Thermal coal prices fell to a five-year low on Monday, under pressure from weaker demand and large stockpiles. German industrial orders fell 5.7 percent in August, the largest drop since 2009, with the subdued euro zone economy expected to drag on energy demand in the region. "Even without the German data the sentiment is still bearish," a trader at a utilities company said. European API2 2015 coal futures prices traded at $73.05 a tonne on Monday, down 20 cents since their last close and almost 50 percent lower than their last peak in spring 2011.
Thermal Coal Prices Edge up on Utility Orders
Thermal coal prices rose slightly on Thursday on the back of utility orders ahead of the peak demand winter season, but rises were capped by falling oil markets and because of a weaker economic outlook in China. European API2 2015 coal futures prices were trading at $74.60 a tonne on Thursday afternoon, up almost half a dollar since their last close, and physical cargoes from South Africa's Richards Bay terminal for delivery in November were up 20 cents to $65.50 a tonne.
Total Sells ts Coal Mining Assets to Exxaro
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affiliate in South Africa. The consideration for the transaction is $472 million, with completion of the sale subject to approval by the relevant South African authorities. “This sale is part of the Group’s 2012-14 asset sale program and is in line with Total’s objectives to focus on its core activities and to actively manage its portfolio”, said Philippe Sauquet, President Gas & Power, Total.
Euro Coal Prices Dip on Low Summer Demand
European physical coal prices eased on Tuesday afternoon despite the crisis in Ukraine as weak summer demand meant little need for new fuel orders. Cargoes for delivery in July to the European ports of Amsterdam, Rotterdam and Antwerp (ARA) traded at $72.75 a tonne, down half a dollar since their last settlement, according to the GLOBALcoal trading platform. The August ARA contract slid by $1.35 to $73 a tonne. "It's mild across Europe so demand is low and our stocks are also quite well filled…
Coal Prices Fall on Weak Outlook
European physical coal prices declined on Tuesday as a bearish outlook for demand and oversupply weighed on the market, with one broker also citing aggressive sales by a trading house. Cargoes for delivery in June to Amsterdam, Rotterdam and Antwerp (ARA) were trading at $72.05 a tonne, around 45 cents below their last close, according to the GLOBALcoal trading platform. "There's quite heavy selling going on in ARA at the moment, which has pulled European prices from a premium over South Africa and Australia to a slight discount…
Low Demand Spurs Euro Coal Price Drop
European physical coal prices dropped on Monday as demand across the region fell on the back of mild weather and healthy stocks. Cargos for delivery in July to Amsterdam, Rotterdam and Antwerp (ARA) were trading at $77.50 a metric ton, down around half a dollar since their last settlement, and cargos for delivery this month from South Africa's Richards Bay terminal fell $0.7 to $77.50 a metric ton. Traders said the lower prices were a result of weakening European demand. "Winter was mild, and so has spring so far.
Euro Coal Supported by Lower Colombian Imports
European physical coal prices moved broadly sideways on Wednesday as low spring time demand was offset by lower availability of Colombian imports and a Ukraine risk premium. Cargoes for delivery in June to Amsterdam, Rotterdam and Antwerp (ARA) traded at $74.50 a tonne on the GlobalCOAL platform on Wednesday afternoon, down $0.35 from its previous settlement, but ARA cargoes for delivery in July rose by 45 cents to $75.70 per tonne. Traders said that the small price swings were largely down to individual utility orders…
