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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
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