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Energy Bills Continue To Climb For U.S. Households

1. Supply Disruptions Ratchet Up Pressure on Coal

- There has been a noticeable uptick in union action this year, and a wage strike at South Africa’s port and rail operator Transneft succeeded in shutting down ports across the country, adding to upside pressure on coal prices.

- Coal flows out of South Africa were as low as 600,000 tons last week, the lowest in more than a year, which is definitely bad news for the EU, increasingly reliant on the African country’s exports.

- Halting a month-long downward slide, API2 coal futures have started climbing back up again and stand currently at $280/mt, whilst Asian Newcastle prices are even $100/mt higher.

- Whilst Russian coal production remains off-limits for the EU, unprecedented flooding in Indonesia and Australia presents further downsides for global coal supply.

2. Asia-Pacific Oil Buyers Seek Guaranteed Gulf Supplies

- Asian refiners have doubled down on efforts to court Middle Eastern oil producers as OPEC+ production cuts and higher prospective demand from Europe create huge supply risks.

- OECD Asia countries such as Japan and South Korea have markedly increased their intake of Saudi and UAE barrels, with Japan relying on Gulf deliveries for 95% of its 2022 crude imports.

- The Asian continent accounts for 80% of Saudi Aramco’s exports, whilst for the United Arab Emirates the same metric stands at a whopping 97% - the entire non-Asia-bound flow…

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