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