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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- PTC India Limited - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
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