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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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Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
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Showing 11 to 15 news of total 6846 |
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- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- MS Steel International - UAE
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
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