Energy 148, High oil, gas and coal prices

We should prepare for high inflation in the coming months, energy prices keep rising. See crude oil and biofuel Ethanol the past year.

Source: https://oilprice.com/

Gas prices too.

But the real surprise is huge spike in coal prices. The current $127/ton is closely approaching the $131 on Feb. 1, 2011. Steep increase starting Nov. 2020, after the US election where Biden campaigned among others, on restricting US fossil fuels production including coal.

https://tradingeconomics.com/commodity/coal

Around middle of this month, Russia restricted gas supply to Europe, so many European coal plants are back to work, coal demand increased, prices went up. High world coal prices means higher electricity prices in PH and many other countries soon -- US, DE, CN, IN, ID, KR, JP, VN, TW, MY, etc.

OPEC and Russia oil exporters jumping with joy with high oil prices bec of Biden's save the planet agenda. Russia gas exporters in particular jumping with high gas prices. Bec of Biden's save the planet agenda. Restrict US oil gas output.

Meanwhile some news reports I read recently:

China Tempers Climate Change Efforts After Economic Officials Limit Scope
Authorities have limited the scope of a carbon-trading scheme as driving growth takes priority
By Sha Hua in Hong Kong and Keith Zhai in Singapore
Updated June 9, 2021 5:16 pm ET
https://www.wsj.com/articles/chinas-economic-officials-temper-climate-efforts-11623241401

Decarbonization: It’s the Demand Side, Stupid
By Rupert Darwall  June 12, 2021
https://www.realclearenergy.org/articles/2021/06/12/decarbonization_its_the_demand_side_stupid_781189.html

Net-Zero: the West's Suicide Note
John O'Sullivan • 13 Jun, 2021
https://the-pipeline.org/net-zero-the-wests-suicide-note/

India urges G7 nations to keep their climate finance promise
Prime Minister Modi urges G7 members to set aside $100 billion annually in climate finance
Elizabeth Roche  Updated: 14 Jun 2021, 06:07 AM IST
https://www.livemint.com/news/world/india-asks-g-7-to-fulfill-100-bn-promise-towards-climate-change-11623599833880.html

Global fossil fuel use similar to decade ago in energy mix, report says
Nina Chestney  June 15, 2021  6:29 AM PST 
https://www.reuters.com/business/environment/global-fossil-fuel-use-similar-decade-ago-energy-mix-report-says-2021-06-14/

Gas Is So Scarce in Europe That Coal Is Making a Comeback
By Vanessa Dezem, Jesper Starn, and Isis Almeida  June 15, 2021, 2:00 PM GMT+8 https://www.bloomberg.com/news/articles/2021-06-15/gas-is-so-scarce-in-europe-that-coal-is-making-a-comeback

Finance department prefers emissions trading scheme over carbon tax 
By Beatrice M. Laforga   June 18, 2021 | 12:33 am 
https://www.bworldonline.com/finance-department-prefers-emissions-trading-scheme-over-carbon-tax/

Coal plant phaseout seen accelerating shift to sustainable energy 
Angelica Y. Yang  June 20, 2021 | 8:06 pm 
https://www.bworldonline.com/coal-plant-phaseout-seen-accelerating-shift-to-sustainable-energy/

California, Facing Power Crisis, Frets Over Electric Car Charging Routines 
BY MEGHAN ROOS ON 6/21/21 AT 5:57 PM EDT 
https://www.newsweek.com/california-facing-power-crisis-frets-over-electric-car-charging-routines-1602755

https://www.zerohedge.com/markets/california-begs-citizens-change-their-ev-charging-routines-amidst-precarious-power-grid

Russian supply curbs exacerbate squeeze on European gas market 
David Sheppard in London, Nastassia Astrasheuskaya in Moscow and Guy Chazan in Berlin
June 24, 2021
https://www.ft.com/content/c023ba5f-4d78-4749-8485-4851baf9ef3a

Russia has exacerbated a shortage of European natural gas supplies that has driven prices to a 13-year high by quietly limiting top-up sales to customers, according to executives and analysts. 

Coal Prices Hit Decade High Despite Efforts to Wean the World Off Carbon
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Prices for thermal coal, which power plants burn to boil water into steam, spin turbines and generate electricity, have more than doubled over the past year. 
By Joe Wallace  Updated June 25, 2021 12:38 pm ET
https://www.wsj.com/articles/thermal-coal-prices-hit-decade-high-amid-gas-shortage-11624620773

A shortfall of natural gas, rebounding electricity usage and scanty rainfall in China have lifted demand for thermal coal. Supplies have been crimped by a closed mine in Colombia, flooding in Indonesia and Australia and distorted trade flows caused by a Chinese ban on Australian coal.

Coking coal defies China bid to keep control of commodity costs 
Ban on Australian imports and fall in domestic production lead to price surge for steel mills
Neil Hume, Natural Resources Editor JUNE 24 2021
https://www.ft.com/content/f7762331-9d98-4c40-9b76-d7531911df94

The price of a key raw material for China’s vast steel making industry has soared even as Beijing tries to rein in runaway commodity prices.

Premium quality coking coal delivered to China has risen above $300 a tonne for the first time since 2017, up almost 150 per cent since October, due to a supply squeeze that has left steel mills scrambling and paying a much higher price than international rivals.
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See also:
Energy 145, US oil production, world prices of oil, ethanol, coal and copper, June 10, 2021 
Energy 146, On energy storage, solar-wind subsidies, net zero, June 16, 2021 
Energy 147, Palawan oil plants, Cebu and Iloilo coal plants, June 18, 2021.