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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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Tuesday, 15 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 Co ...
Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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Showing 1316 to 1320 news of total 6871 |
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- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
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