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Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
 Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year-to-date prices, a deficit in the market caused by a recovery in demand, and constrained supply from OPEC+ countries and heightened US capital discipline.
We have also raised our 2021 and 2022 Title Transfer Facility (TTF) gas price assumptions. Increases in spot gas prices are being driven by low gas inventories in storage, strong demand in Asia, and recovering demand in Europe. All price assumptions from 2023 are unchanged.
Oil demand has been improving this year and is likely to continue to grow in 2H21 if vaccination rollouts are successful and pandemic-related restrictions are eased. New breakouts, particularly of new Covid-19 variants, remain the main risk for the sustained recovery in demand. Output policies of OPEC+ countries are key to managing oil supply. OPEC+’s planned production increases, originally agreed in April and confirmed in June, will help meet growing demand, but will be insufficient to balance the market in 2H21.
OPEC+ has spare capacity of about 7 million barrels per day (bpd), which should be sufficient to cover increasing demand in the short term. There is some uncertainty over how quickly production could ramp up relative to the pace of the recovery in demand, which may lead to price volatility. Furthermore, lifting of the sanctions against Iran could add about 1.5 million bpd of oil, although we believe that OPEC+ could mitigate the impact of additional output from Iran by slowing production increases.
Despite a rise recently, oil production in the US is still about 1 million bpd lower than in early 2020. US shale producers shifted capital allocation priorities towards debt reduction and measured shareholder returns over growth, which will moderate potential increases of US shale output, at least in the short term. The number of active US oil rigs is only half the pre-pandemic level, but is still about twice as many as in summer 2020.
TTF price rises are supported by strong demand in Asia and recovering demand in Europe (reinforced by cold weather and restocking after the winter), while supply increases have been insufficient to meet recovering demand, leading to low gas inventories in storage. Surging carbon prices in Europe have also contributed to gas price growth.
However, we believe the price rally in 1H21 is temporary. Once gas storage facilities are gradually filled during 2H21 and 2022 to their normal levels, demand should subside, leaving the market oversupplied.
Source: Fitch Ratings
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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- MS Steel International - UAE
- White Energy Company Limited
- Australian Coal Association
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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