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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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Friday, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
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- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- The University of Queensland
- London Commodity Brokers - England
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Deloitte Consulting - India
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