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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Interocean Group of Companies - India
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
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