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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
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