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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
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