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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, 13 November 15
DRY BULK, IT IS HARD TO MAINTAIN AN OPTIMISTIC VIEW FOR THE NEXT COUPLE OF MONTHS - INTERMODAL
COALspot.com: The dry bulk owners looking for cover remained under pressure for size segments across the board. With Capes closing off the week as ...
Friday, 13 November 15
WEEKLY US COAL PRODUCTION DECLINES TO 16.5 MMST; SLIDE 14.9% Y-Y: EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.5 million shor ...
Thursday, 12 November 15
FOREIGN COAL MINE ACQUISITION - STRATEGY VERSUS OPPORTUNITY FOR INDIAN UTILITIES - DIPESH DIPU
The acquisition market for thermal coal assets abroad is dull. Sellers of all hues are in the market; some are actively scouting for buyers while o ...
Thursday, 12 November 15
PORT OF NEWCASTLE'S COAL EXPORT VOLUME UP IN OCTOBER 2015
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $1.254 billio ...
Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
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Showing 2716 to 2720 news of total 6871 |
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- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
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