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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, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
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- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
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