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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, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
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