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Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
 Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year-to-date prices, a deficit in the market caused by a recovery in demand, and constrained supply from OPEC+ countries and heightened US capital discipline.
We have also raised our 2021 and 2022 Title Transfer Facility (TTF) gas price assumptions. Increases in spot gas prices are being driven by low gas inventories in storage, strong demand in Asia, and recovering demand in Europe. All price assumptions from 2023 are unchanged.
Oil demand has been improving this year and is likely to continue to grow in 2H21 if vaccination rollouts are successful and pandemic-related restrictions are eased. New breakouts, particularly of new Covid-19 variants, remain the main risk for the sustained recovery in demand. Output policies of OPEC+ countries are key to managing oil supply. OPEC+’s planned production increases, originally agreed in April and confirmed in June, will help meet growing demand, but will be insufficient to balance the market in 2H21.
OPEC+ has spare capacity of about 7 million barrels per day (bpd), which should be sufficient to cover increasing demand in the short term. There is some uncertainty over how quickly production could ramp up relative to the pace of the recovery in demand, which may lead to price volatility. Furthermore, lifting of the sanctions against Iran could add about 1.5 million bpd of oil, although we believe that OPEC+ could mitigate the impact of additional output from Iran by slowing production increases.
Despite a rise recently, oil production in the US is still about 1 million bpd lower than in early 2020. US shale producers shifted capital allocation priorities towards debt reduction and measured shareholder returns over growth, which will moderate potential increases of US shale output, at least in the short term. The number of active US oil rigs is only half the pre-pandemic level, but is still about twice as many as in summer 2020.
TTF price rises are supported by strong demand in Asia and recovering demand in Europe (reinforced by cold weather and restocking after the winter), while supply increases have been insufficient to meet recovering demand, leading to low gas inventories in storage. Surging carbon prices in Europe have also contributed to gas price growth.
However, we believe the price rally in 1H21 is temporary. Once gas storage facilities are gradually filled during 2H21 and 2022 to their normal levels, demand should subside, leaving the market oversupplied.
Source: Fitch Ratings
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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
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