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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
 Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow any further price increases.
We assume Brent and WTI will average USD42 a barrel in 2016, up from our USD35/bbl base case in February. The increase follows evidence that the market will come into balance in the second half of 2016, which has already been reflected in a year-to-date average price of USD41/40 for Brent/WTI.
However, we do not believe that the rapid price recovery seen in the first half of 2016 will continue. The sub-USD30 prices at the start of the year approached cash costs for many producers and were unsustainable in all but the very short term. Prices in the USD40-USD50 range allow most producers to break even on a cash basis, if not to cover sunk costs.
We believe that record high inventories - OECD stocks are still more than 10% higher than normal - and market expectations that US shale production will begin to rebound at prices above USD50, will keep prices below that level until a supply deficit has eroded some of the inventory overhang.
We have therefore left our 2017 and 2018 price assumptions unchanged at USD45 and USD55 respectively. Our long-term expectations for both Brent and WTI are unchanged at USD65, reflecting our view on the long-run marginal cost of supply.
Our natural gas expectations have also changed, with price assumptions for US Henry Hub rising and UK National Balancing Point (NBP) falling. In the US, the market has begun to work through the excess inventory build-up associated with last year's El Nino winter. Slower production growth in key shale plays has also helped. For NBP, increased US gas exports have contributed to a medium-term LNG glut, which we expect to put pressure on international spot prices.
Our Henry Hub price assumptions are USD2.35/mcf in 2016, rising to USD2.75 in 2017, USD3.00 in 2018 and USD3.25 in the long term. For NBP we assume a price of USD5.00/mcf for 2016, USD5.50 in 2017, USD6.00 in 2018 and USD6.50 in the long term.
Source: Fitch Ratings
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Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
Thursday, 14 July 16
SHIPPING'S HALF YEAR REPORT - 'MUST DO BETTER' - CLARKSONS
It’s the time of year, with the school holidays and end of term approaching, that many pupils will nervously take home their school reports t ...
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- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- SMC Global Power, Philippines
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