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Wednesday, 08 October 14
OIL COULD FALL TO USD80 BEFORE SHALE SUPPLY RESPONSE - FITCH
 COALspot.com: Brent oil could fall as low as USD80 a barrel before triggering a self-correcting supply response with shale-oil drillers cutting investment in new wells, Fitch Ratings says.
According to Fitch, the steep rate at which production from shale wells declines mean companies have to keep drilling new wells to maintain production. We estimate median full-cycle costs for US exploration and production companies have fallen to about USD70. The marginal barrel, not the median one, balances supply and demand and determines price, so the point at which capex falls will probably be higher. Exactly where depends on expectations of future price. Anecdotally we understand that at USD90/bbl capex is likely to continue at full speed, while at USD75-80/bbl it may fall. This would have a relatively rapid impact on production, suggesting a notional price floor.
Fitch noted that, in the short term we consider a resurgence of supply disruptions and positive action from OPEC the most likely catalysts for a rebound in prices. But without these, further declines might be possible, especially if evidence grows of further weakening of global demand or increasing OPEC spare capacity.
The notional floor is well below the USD100/bbl level that many market participants thought was here to stay earlier this year. But in the last two weeks Brent crude has fallen - and stayed - significantly below USD100/bbl, and WTI crude has fallen below USD90/bbl for the first time since 2012. The difference between the two benchmarks has shrunk to around USD2.50, and forward curves also indicate weakness, Fitch noted.
The key supports for USD100+ oil were growing demand, tight OPEC spare capacity, increasing cost of supply, particularly combined with rapid depletion rates for shale wells, OPEC's desire for high oil prices, and political and security issues in key regions.
Fitch further noted, demand has been the clearest change in the short term, but is also the element that may most reliably reverse in the long term. If China and India grow as expected demand could rise by up to a third in the next 20-30 years - but this does not preclude short-term weakness.
OPEC has declared support for prices at USD100/bbl. Some members would prefer this price or higher, but we estimate Saudi Arabia, which would have to absorb the greatest production cuts, would be able to balance its budget at USD94/bbl. A lot will therefore ride on the outcome of OPEC's next meeting in November, said Fitch.
The geopolitical and security picture has not resulted in the predicted fall in production. Progress is being made on Iranian sanctions; Iraqi production has remained robust; Libyan production is starting to recover. Market sentiment suggests the effects of these situations will remain benign - but there is potential for this to reverse quite rapidly.
We do not expect rating implications from the price dip in the short term. Our corporate and sovereign ratings use price assumptions that drop over time, and companies and governments have shown themselves able to adjust spending to weaker prices if necessary. The rising US dollar, which has strengthened against the euro by around 10% since the middle of the year, is also contributing to weakness in oil prices when expressed in dollar terms, as our price decks are.
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Sunday, 19 October 14
LOW DEMAND PUSHES DOWN COAL FREIGHT RATES; VOLATILITY CONTINUES
COALspot.com: This week all the segments softened including BDI except for Panamax index.
The BDI was down by1.70 pct and clsoed at 944 points ...
Friday, 17 October 14
INTERNATIONAL COAL PRICES ARE AT LOWEST LEVEL; COAL STOCKS AT INDIAN POWER PLANTS ARE ALSO AT LOWEST LEVEL
International coal prices as well as coal freights are falling and reaching to its lowest levels. According to PTI, fuel stockpiles at the thermal ...
Friday, 17 October 14
U.S. COAL PRODUCTION UP BY 3.6% WEEK - ON - WEEK
COALspot.com – United States the world's one of largest coal producers, produced approximately 19.20 million short tons (mmst) of coal in ...
Friday, 17 October 14
DRY BULK SHIPPING'S OUTLOOK NOW SHIFTING TO A LESS PROMISING ONE, SHIP PRICES EXPECTED TO FOLLOW SOON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
China’s and other Asian countries’ return to the dry bulk market last week, didn’t trigger the hoped support towards the dry bulk ...
Thursday, 16 October 14
KOREA MIDLAND POWER TO BUY 490K MT OF LCV COAL FOR 1Q 2015
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 490,000 Metric Tons (MT) of LCV (Sub) Bitumino ...
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Showing 3421 to 3425 news of total 6871 |
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- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- The University of Queensland
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
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