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Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
 Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch Ratings says. We have revised down the National Balancing Point (NBP) gas price assumptions as we now anticipate a slower recovery in European natural gas prices due to a supply glut in the LNG market and slower economic growth prospects globally.
Oil prices spiked in the aftermath of the attacks in Saudi Arabia, but have since subsided. According to media reports, Saudi Aramco has made progress in restoring production, although we assume full recovery of capacity to levels available pre-attack could take time. We believe that disruptions ultimately will have a limited impact on the supply-demand balance this year, especially as the market remains otherwise well-supplied. We have kept our price deck assumption for Brent at USD65/bbl for 2019, though we expect volatility to remain significant in 4Q19, Fitch Ratings says in its latest report.
The attack highlighted the vulnerability of oil-producing infrastructure, not only in Saudi Arabia, but also elsewhere in the Middle East, although it has not caused us to change our fundamental view on the sector. An escalation of geopolitical tensions in the Gulf region, such as further attacks or a military conflict, could lead to higher prices, at least temporarily, due to the effect on the physical market or a 'geopolitical premium'.
Fitch Ratings further noted that, Fitch Ratings still assumes an average Brent price to be marginally lower at USD62.5/bbl in 2020 compared to 2019, due to waning demand and increased supply from continued US shale growth and recovered production in Saudi Arabia. However, we also expect OPEC+ to manage supply to avoid large surpluses or deficits. In 2020, the coming into force of International Maritime Organization Sulphur 2020 regulation could support demand for Brent and WTI, which are low-sulphur oil grades. The long-term price of USD57.5/bbl for Brent takes into account our view on the marginal costs of oil production.
Fitch Ratings lowered their NBP prices for 2019-2021. European spot natural gas prices collapsed in 1Q19. Increased supply from new LNG plants in the US and elsewhere was not matched by sufficient demand growth. In 9M19 the NBP price averaged USD4.7/mcf, compared with USD8.1/mcf in 9M18. Furthermore, the daily closing price has fluctuated between USD2.4 and USD3.9/mcf since the beginning of August. Prices are likely to rise in 4Q19 when the heating season starts. However, we expect the recovery to be slow given unusually high volumes of gas accumulated in European underground storage facilities and slowing demand.
According to latest report, Fitch Ratings believes that re-balancing in the gas market may take longer than we had anticipated primarily due to lower Chinese growth. China was the major driver for LNG demand and accounted for 48% of global demand growth over the past five years (2014-2018), followed by Europe (19%) and India (12%), according to BP. However, Chinese LNG demand may wane because of slowing economic growth amid the US-China trade war. China's authorities expect its annual gas consumption growth to decelerate to 10% yoy in 2019 from 17.5% in 2018.
According Fitch Ratings recent repot, the Fitch Ratings's long-term view on NBP is unchanged. While more active LNG trade is likely to result in narrower differentials between various hubs, we believe the USD3.75/mcf spread between Henry Hub and NBP we currently assume in the long-term assumptions is reasonable and accounts for full-cycle costs of delivering natural gas from the US to Europe.
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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- The University of Queensland
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
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