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Friday, 20 November 15
CHANGING CRUDE SUPPLY TRENDS MAY HELP EUROPEAN REFINERS - FITCH RATINGS
 COALspot.com: Changes in global oil supply trends, including high Russian production, the expected renewal of Iranian heavy crude exports and the pressure on US shale oil output, may benefit European refiners, Fitch Ratings says. These trends could support a wider price differential between the Brent and Urals benchmarks and a narrower differential between Brent and the US West Texas Intermediate (WTI) benchmark, reducing the competitive advantage US refiners have over their European rivals.
The Brent-Urals differential rose above USD3.5/bbl in October from USD1-USD2/bbl earlier this year. The widening gap reflects higher availability of Russian crude in the Baltic Sea region as production in Russia reached post-Soviet highs. Saudi crude oil deliveries to Polski Koncern Naftowy Orlen (PKN) and Preem in early November might have also contributed to the widening Urals discount.
Renewed supplies of predominantly lower quality Iranian crude following the expected sanctions relief in 2016 should result in greater competition between sour crude oil types. This is likely to support further widening of the Brent-Urals differential, benefitting Central European and some Mediterranean refiners.
We believe that MOL Hungarian Oil and Gas and PKN are best placed in our portfolio to benefit as they primarily use Russian crude oil in their refineries. Tupras, with its proximity to the Bosphorus strait, has access to a wide variety of crude types and will likely benefit from both the wider Brent-Urals differential and improved access and pricing of Iranian crude.
Mediterranean refiners such as Tupras were obliged to reduce purchases of favourably priced Iranian crude when sanctions against Iran were introduced in 2012. Once the sanctions are lifted, we expect a gradual ramp-up in Iranian crude output starting from the second half of 2016. This suggests widening Brent-Iranian oil differentials will be more pronounced from 2017.
Crude oil constitutes the largest share of refineries' costs and the ability to source crude at lower prices therefore has a significant effect on profitability and competitiveness. Western European refiners are better placed to use lighter Brent oil, while CEE companies have traditionally relied on heavier Russian crude.
In recent years, the competition from the US refineries in Europe intensified as they had access to oil at a significant discount to Brent. However the differential between WTI and Brent crude has now fallen to around USD2.5/bbl from USD8-USD15/bbl between September 2013 and June 2014 when US imports were at their peak. After some delay US shale oil supply has fallen and we expect the decline to be more pronounced from next year contributing to a narrower differential to Brent in the medium term.
Narrower WTI-Brent differentials will not be enough to entirely wipe out the competitive advantage of the US refiners that also benefit from low natural gas prices. But we think the narrower differential coupled with lower natural gas prices in Europe and dollar appreciation against the euro will improve competitiveness of European refiners.
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Tuesday, 01 December 15
TANKERS VERSUS BULKERS - JUST PLAYING CATCH UP? - CLARKSONS
It’s now more than a year since the tanker market took off. In mid-2014 tanker earnings picked up and since then have been in the $30-$40,000 ...
Monday, 30 November 15
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
ASSOCARBONI is in favour of an international mechanism to provide financial support to countries building high efficiency low emission coal plants. ...
Monday, 30 November 15
CS 5000 GAR COAL INDEX FIRM D-O-D; WEAK W-O-W
COALspot.com: The 5000 GAR CS (i) coal index up slightly day over day.
According to the system generated index, the CS 50 (5000 GAR coal) was ...
Monday, 30 November 15
CFR SOUTH CHINA COAL SWAPS REMAINED UNCHANGED FROM LAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.50 (9.78%) per ton month over month.
A commodity swap ...
Sunday, 29 November 15
CAPE INDEX SURGES 383 POINTS WEEK OVER WEEK, BOOSTS BALTIC DRY INDEX
COALspot.com: The Baltic Dry Index, a measure of shipping rates, fell to 498 points on 20 November and touched a 30-year low, but on 27 November th ...
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- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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