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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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- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
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