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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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Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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Showing 1311 to 1315 news of total 6871 |
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- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- The University of Queensland
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
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