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