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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 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
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Showing 21 to 25 news of total 6846 |
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- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- PTC India Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
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