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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
 Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow any further price increases.
We assume Brent and WTI will average USD42 a barrel in 2016, up from our USD35/bbl base case in February. The increase follows evidence that the market will come into balance in the second half of 2016, which has already been reflected in a year-to-date average price of USD41/40 for Brent/WTI.
However, we do not believe that the rapid price recovery seen in the first half of 2016 will continue. The sub-USD30 prices at the start of the year approached cash costs for many producers and were unsustainable in all but the very short term. Prices in the USD40-USD50 range allow most producers to break even on a cash basis, if not to cover sunk costs.
We believe that record high inventories - OECD stocks are still more than 10% higher than normal - and market expectations that US shale production will begin to rebound at prices above USD50, will keep prices below that level until a supply deficit has eroded some of the inventory overhang.
We have therefore left our 2017 and 2018 price assumptions unchanged at USD45 and USD55 respectively. Our long-term expectations for both Brent and WTI are unchanged at USD65, reflecting our view on the long-run marginal cost of supply.
Our natural gas expectations have also changed, with price assumptions for US Henry Hub rising and UK National Balancing Point (NBP) falling. In the US, the market has begun to work through the excess inventory build-up associated with last year's El Nino winter. Slower production growth in key shale plays has also helped. For NBP, increased US gas exports have contributed to a medium-term LNG glut, which we expect to put pressure on international spot prices.
Our Henry Hub price assumptions are USD2.35/mcf in 2016, rising to USD2.75 in 2017, USD3.00 in 2018 and USD3.25 in the long term. For NBP we assume a price of USD5.00/mcf for 2016, USD5.50 in 2017, USD6.00 in 2018 and USD6.50 in the long term.
Source: Fitch Ratings
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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- PTC India Limited - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Planning Commission, India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
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