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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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- CNBM International Corporation - China
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
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