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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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Sunday, 22 November 15
INDONESIA TO INDIA FREIGHT RATES TO REMAIN DULL NEXT WEEK
COALspot.com: The BDI was down to historical lows closing at 498 points which is down by almost 95.77 per cent compared to 11,800 points in 2008.
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Sunday, 22 November 15
INDIA COULD PROVIDE SILVER LINING FOR SHIPPING INDUSTRY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The rise of India as a global player in the shipping market could be just a couple of years away, as the country has the potential to become a seco ...
Friday, 20 November 15
U.S. COAL PRODUCTION FOR THE WEEK ENDING NOVEMBER '14; NO CHANGE FROM LAST WEEK
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Friday, 20 November 15
NO IMPROVEMENT SEEN IN NEAR-TERM COAL DEMAND; SWAPS CLOSE LOWER
COALspot.com: Indonesian coal swap for delivery Q1 2016 declined month on month and flat on week over week. Price of coal seen no improvements this ...
Thursday, 19 November 15
CHINA STEEL PRODUCTION CAPACITY TO PEAK IN 2016 - FITCH RATINGS
COALspot.com: Fitch Ratings today says that China's steel production capacity is likely to peak in 2016, with capacity elimination over the nex ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
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