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