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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
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Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Wilmar Investment Holdings
- PTC India Limited - India
- Tamil Nadu electricity Board
- Planning Commission, India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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