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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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- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Planning Commission, India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
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