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Friday, 20 November 15
CHANGING CRUDE SUPPLY TRENDS MAY HELP EUROPEAN REFINERS - FITCH RATINGS
 COALspot.com: Changes in global oil supply trends, including high Russian production, the expected renewal of Iranian heavy crude exports and the pressure on US shale oil output, may benefit European refiners, Fitch Ratings says. These trends could support a wider price differential between the Brent and Urals benchmarks and a narrower differential between Brent and the US West Texas Intermediate (WTI) benchmark, reducing the competitive advantage US refiners have over their European rivals.
The Brent-Urals differential rose above USD3.5/bbl in October from USD1-USD2/bbl earlier this year. The widening gap reflects higher availability of Russian crude in the Baltic Sea region as production in Russia reached post-Soviet highs. Saudi crude oil deliveries to Polski Koncern Naftowy Orlen (PKN) and Preem in early November might have also contributed to the widening Urals discount.
Renewed supplies of predominantly lower quality Iranian crude following the expected sanctions relief in 2016 should result in greater competition between sour crude oil types. This is likely to support further widening of the Brent-Urals differential, benefitting Central European and some Mediterranean refiners.
We believe that MOL Hungarian Oil and Gas and PKN are best placed in our portfolio to benefit as they primarily use Russian crude oil in their refineries. Tupras, with its proximity to the Bosphorus strait, has access to a wide variety of crude types and will likely benefit from both the wider Brent-Urals differential and improved access and pricing of Iranian crude.
Mediterranean refiners such as Tupras were obliged to reduce purchases of favourably priced Iranian crude when sanctions against Iran were introduced in 2012. Once the sanctions are lifted, we expect a gradual ramp-up in Iranian crude output starting from the second half of 2016. This suggests widening Brent-Iranian oil differentials will be more pronounced from 2017.
Crude oil constitutes the largest share of refineries' costs and the ability to source crude at lower prices therefore has a significant effect on profitability and competitiveness. Western European refiners are better placed to use lighter Brent oil, while CEE companies have traditionally relied on heavier Russian crude.
In recent years, the competition from the US refineries in Europe intensified as they had access to oil at a significant discount to Brent. However the differential between WTI and Brent crude has now fallen to around USD2.5/bbl from USD8-USD15/bbl between September 2013 and June 2014 when US imports were at their peak. After some delay US shale oil supply has fallen and we expect the decline to be more pronounced from next year contributing to a narrower differential to Brent in the medium term.
Narrower WTI-Brent differentials will not be enough to entirely wipe out the competitive advantage of the US refiners that also benefit from low natural gas prices. But we think the narrower differential coupled with lower natural gas prices in Europe and dollar appreciation against the euro will improve competitiveness of European refiners.
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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Planning Commission, India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- VISA Power Limited - India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
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