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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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Friday, 27 November 15
INDONESIA COAL SWAPS: WEEK ENDING 20 NOVEMBER CLOSED HIGHER COMPARED TO THE PREVIOUS WEEK
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and up on week over week. Coal prices seen slight improvements thi ...
Friday, 27 November 15
FOB RICHARDS BAY COAL SWAPS UP FROM LAST WEEK
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 up week over week and month over month.
The Q1’ 2016 swa ...
Thursday, 26 November 15
ITALY'S STEAM COAL IMPORTS EXPECTED TO REACH 16 MILLION TONS AND COKING COAL IMPORTS TO AMOUNT TO 4 MILLION TONS - ASSOCARBONI
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
- “Coal has made huge steps towards environmental sustainability, making itself t ...
Thursday, 26 November 15
DRY BULK MARKET WILL REBOUND EVENTUALLY, BUT THINGS WILL BECOME EVEN WORSE BEFORE THEY IMPROVE SAYS SHIPBROKER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the dry bulk market’s benchmark, the Baltic Dry Index (BDI) reached an all-time late last week and has failed to rebound significantly eve ...
Thursday, 26 November 15
Q3'16 FOB NEWCASTLE COAL SWAP FALLS 27.5% SINCE 20 FEB 2015
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
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- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- The University of Queensland
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
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