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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, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Australian Coal Association
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
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