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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
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