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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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Wednesday, 10 August 16
THE INDONESIAN DRAFT NEW MINING LAW - AMENDMENTS TO THE 2009 MINING LAW
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
Tuesday, 09 August 16
CS50 COAL INDEX HITS NEW FIFTY-WEEKS HIGH
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 1.78% week over week to averaging $41.85 per ton this past week, shows CS (i) C ...
Tuesday, 09 August 16
HARD COAL PRODUCTION AND WORLD TRADE ON THE DECLINE FOR THE FIRST TIME IN YEARS - VDKI
Hard coal production and world trade on the decline for the first time in years – not a harbinger of a global energy turnaround
Worldwid ...
Tuesday, 09 August 16
BREXIT, BRITANNIA AND THE WAVES - TREVOR CROWE, CLARKSON RESEARCH
This week, the Bank of England put into place its action plan following the UK referendum on 23rd June, which indicated the British population&rsqu ...
Monday, 08 August 16
INDONESIA'S DRAFT MINING LAW HINTS AT FUTURE REGULATORY FRAMEWORK
KNOWLEDGE TO ELEVATE
COALspot.com: A draft mining law published by Indonesia's Minister of Energy and Mineral Resources provides use ...
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- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
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