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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
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