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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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Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade.
Total global loadings in the 12 months of 2020 were down -12 ...
Wednesday, 16 June 21
MARKET INSIGHT - INTERMODAL
“While approaching the second half of the year and summer season is just around the corner, COVID vaccination programs are steadily moving fo ...
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- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- ASAPP Information Group - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- PTC India Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Australian Coal Association
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
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