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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- The University of Queensland
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Parliament of New Zealand
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
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