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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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Monday, 20 June 16
THE BDI HAS FELL 23 POINTS WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined this past week. The BDI was fell 3.77 percent fr ...
Friday, 17 June 16
CHINA'S NEW POLICY TO REDUCE WASTE IN RENEWABLE ENERGY - FITCH
Chinese renewable energy producers are likely to benefit from a new policy that guarantees a minimum amount of solar and wind power is purchased in ...
Friday, 17 June 16
KOMIPO INVITES BIDS FOR BITUMINOUS COAL FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Friday, 17 June 16
U.S WEEKLY COAL PRODUCTION UP 7.7% - EIA
COALspot.com – U.S., the world’s one of the largest coal producer has produced approximately totalled an estimated 12.9 million short t ...
Wednesday, 15 June 16
THE DRY BULK PRICES CORRECTED UPWARDS ROUGHLY 15% - KONSTANTINOS KONTOMICHIS
Once more, the international shipping community turned its attention to Greece and more specifically to Attica that hosted Posidonia, the biggest m ...
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- The Treasury - Australian Government
- PTC India Limited - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- The University of Queensland
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
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