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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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Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
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Showing 1346 to 1350 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Australian Coal Association
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Anglo American - United Kingdom
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