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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, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
Monday, 27 June 16
THE BDI UP 3.75 PERCENT ; BCI FELL 1.51% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 3.75 percent from las ...
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- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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