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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Australian Coal Association
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- The Treasury - Australian Government
- MS Steel International - UAE
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
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