Daily Energy Report
Daily Energy Report
US coal exports, US oil inventories, natural gas future, investors shun ESG, Biden gas price balance, French labor strike, LNG risks, batteries on grid, US sanctions on Iran, Red Sea danger, and more.
News of the Day: US Coal Exports Are Increasing
Summary
Figure (1) above shows trends in US coal exports since the beginning of 2021. It shows that US coal exports have been increasing since the third quarter of 2022.
EOA’s Main Takeaway
Despite the rhetoric from the Biden administration regarding the use of coal and all the statements criticizing India and China for their coal use, the US is sending more coal to other countries, especially India. This increase took place as US coal consumption declined because of cheap, abundant natural gas and the increase of the use of solar and wind power. However, any significant increase in natural gas prices will lead to the unwinding of gas use toward more coal.
This upward trend is not limited to the US. Canada’s coal exports have been increasing too, despite the climate rhetoric from the Canadian government.
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Indian imports of Russian coal fall, U.S. shipments rise
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Story of the Day
EIA: US Crude Oil Inventories Increased by 3.591 mb.