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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- The University of Queensland
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
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