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Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
 Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch Ratings says. We have revised down the National Balancing Point (NBP) gas price assumptions as we now anticipate a slower recovery in European natural gas prices due to a supply glut in the LNG market and slower economic growth prospects globally.
Oil prices spiked in the aftermath of the attacks in Saudi Arabia, but have since subsided. According to media reports, Saudi Aramco has made progress in restoring production, although we assume full recovery of capacity to levels available pre-attack could take time. We believe that disruptions ultimately will have a limited impact on the supply-demand balance this year, especially as the market remains otherwise well-supplied. We have kept our price deck assumption for Brent at USD65/bbl for 2019, though we expect volatility to remain significant in 4Q19, Fitch Ratings says in its latest report.
The attack highlighted the vulnerability of oil-producing infrastructure, not only in Saudi Arabia, but also elsewhere in the Middle East, although it has not caused us to change our fundamental view on the sector. An escalation of geopolitical tensions in the Gulf region, such as further attacks or a military conflict, could lead to higher prices, at least temporarily, due to the effect on the physical market or a 'geopolitical premium'.
Fitch Ratings further noted that, Fitch Ratings still assumes an average Brent price to be marginally lower at USD62.5/bbl in 2020 compared to 2019, due to waning demand and increased supply from continued US shale growth and recovered production in Saudi Arabia. However, we also expect OPEC+ to manage supply to avoid large surpluses or deficits. In 2020, the coming into force of International Maritime Organization Sulphur 2020 regulation could support demand for Brent and WTI, which are low-sulphur oil grades. The long-term price of USD57.5/bbl for Brent takes into account our view on the marginal costs of oil production.
Fitch Ratings lowered their NBP prices for 2019-2021. European spot natural gas prices collapsed in 1Q19. Increased supply from new LNG plants in the US and elsewhere was not matched by sufficient demand growth. In 9M19 the NBP price averaged USD4.7/mcf, compared with USD8.1/mcf in 9M18. Furthermore, the daily closing price has fluctuated between USD2.4 and USD3.9/mcf since the beginning of August. Prices are likely to rise in 4Q19 when the heating season starts. However, we expect the recovery to be slow given unusually high volumes of gas accumulated in European underground storage facilities and slowing demand.
According to latest report, Fitch Ratings believes that re-balancing in the gas market may take longer than we had anticipated primarily due to lower Chinese growth. China was the major driver for LNG demand and accounted for 48% of global demand growth over the past five years (2014-2018), followed by Europe (19%) and India (12%), according to BP. However, Chinese LNG demand may wane because of slowing economic growth amid the US-China trade war. China's authorities expect its annual gas consumption growth to decelerate to 10% yoy in 2019 from 17.5% in 2018.
According Fitch Ratings recent repot, the Fitch Ratings's long-term view on NBP is unchanged. While more active LNG trade is likely to result in narrower differentials between various hubs, we believe the USD3.75/mcf spread between Henry Hub and NBP we currently assume in the long-term assumptions is reasonable and accounts for full-cycle costs of delivering natural gas from the US to Europe.
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Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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Showing 1311 to 1315 news of total 6871 |
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- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
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