MARKETS: EIA expects oil prices to remain under pressure after slashing global oil demand, raising supply outlook for 2015

(EnergyAsia, November 28 2014, Friday) — The US Energy Information Administration (EIA) expects oil prices to remain under selling pressure after slashing its latest forecast for 2015 global demand while raising the supply outlook. In its November report, the agency said it expects Brent crude oil spot prices to average US$83 per barrel in 2015, (more…)

MARKETS: IHS, Bloomberg expect bulk of US shale-based production to remain profitable with WTI at US70-$75 a barrel

(EnergyAsia, November 28 2014, Friday) — After plunging by a third since peaking in June to their lowest levels in four-and-half years, crude oil prices still have room to fall, going by the conclusions of two recent studies pointing to the resilience of US unconventional oil in a bear market. Consulting firm IHS said it (more…)

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ASIA: LNG market remain weak, hardening buyers’ resolve in fight to change oil-linked pricing formula

(EnergyAsia, November 27 2014, Thursday) — With liquefied natural gas (LNG) supply growth outpacing demand, Asian buyers have the upper hand for now although a blast of cold from unpredictable weather conditions could easily spike prices, said consultant Wood Mackenzie. Riding the downtrend, according to the International Energy Agency (IEA), Asian buyers are digging in (more…)

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MARKETS: OPEC retains global economic and oil outlook as prices stay weak

(EnergyAsia, November 26 2014, Wednesday) — The weakest oil market in four years is having no impact on the Organisation of Petroleum Exporting Countries’ (OPEC) views on the world economy and oil supply-demand balances. For the fourth consecutive month, OPEC has kept unchanged its forecasts for the world economy to grow by 3.2% this year (more…)

SINGAPORE: With oil storage “bursting at the seams”, industry seeks expansion and bigger role for neighbouring countries

(EnergyAsia, November 25 2014, Tuesday) — Singapore’s stretched infrastructure is forcing Asia’s oil traders to tweak a winning formula of over two decades to accommodate a bigger storage and pricing role for neighbouring Malaysia and Indonesia, said the International Energy Agency (IEA) and energy media Platts. In separate reports, the two organisations point to tiny (more…)

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SINGAPORE: Oil storage firm Universal looking to raise S$1 billion through trust IPO

(EnergyAsia, November 24 2014, Monday) — Singapore’s Universal Terminal Pte Ltd is looking to raise at least S$1 billion through a local share offering as a business trust that would make it the largest listed oil storage firm in Asia. (US$1=S$1.3). Hin Leong Group, one of Asia’s largest family-owned oil traders, has a 65% stake (more…)

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SINGAPORE: SGX to launch petrochemical swaps and futures derivatives contracts next month

(EnergyAsia, November 21 2014, Friday) — Singapore Exchange (SGX) said it will begin offering petrochemical swaps and futures contracts from December 2 in response growing demand from industry players to hedge their trading positions. The exchange said it will introduce a set of five petrochemical derivatives tools in two phases, starting with the SGX Platts (more…)

INDIA: Domestic opposition, market conditions stand in way of ambitious programme to reform coal industry

(EnergyAsia, November 21 2014, Friday) — The spirit may be willing but weak market conditions and strong opposition from environmental, business and labour groups will likely block India’s pent-up desire to heal its sickly coal industry. Since its election to office last May, the government of Prime Minister Narendra Modi has made a top priority (more…)

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SINGAPORE: Pavilion Energy calls for joint effort with Malaysia to develop Asian LNG trading and pricing hub

(EnergyAsia, November 20 2014, Thursday) — Singapore and Malaysia should cooperate to jointly create a location and pricing service to serve the fast-growing liquefied natural gas trade (LNG) in Asia, said the CEO of Singapore’s state-owned Pavilion Energy Pte Ltd. Seah Moon Ming said Asia urgently needs transparent LNG pricing and price discovery that are (more…)

JAPAN: Abu Dhabi given extended and expanded lease to store crude oil

(EnergyAsia, November 19 2014, Wednesday) — Japan’s trade ministry has given Abu Dhabi an expanded and extended lease to store crude oil for free at a terminal on one of the Asian country’s southwestern islands. The original five-year lease for Abu Dhabi to store 600 million litres or 3.8 million barrels of crude at the (more…)

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INDIA: Adani Group says Modi government and Australia’s Queensland state offer to help develop coal mining project

(EnergyAsia, November 18 2014, Tuesday) — India’s Adani Group said it has secured agreements from the Indian government and Australia’s Queensland state to support its proposed US$7 billion investment to develop the Carmichael coal mine and rail and port infrastructure. The six-month-old government of Prime Minister Narendra Modi views the project as helping to secure (more…)

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CHINA: Weak outlook for economy, oil prices contribute to slower stockbuilding

(EnergyAsia, November 17 2014, Monday) — Chinese firms are slowing down their oil stockbuilding in response to expectations that their nation’s economy will grow at a slower pace while oil prices could decline further after hitting a four-year low last week. Last month, the World Bank slashed its forecast for China’s economic growth to 7.4% (more…)

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MARKETS: Brent well below US$80, WTI under US$75 as oil crashes to lowest levels since Sept 2010

(EnergyAsia, November 14 2014, Friday) — The oil markets continued crashing late into Thursday in the New York with North Sea Brent settling well below support at US$80 a barrel while US WTI broke through US$75. Brent settled at US$77.83, down US$2.46 from the previous day, while WTI was hovering at around US$74.42 in late (more…)

ASIA: Turkmenistan, Afghanistan, Pakistan and India establish gas pipeline consortium

(EnergyAsia, November 14 2014, Friday) — The state gas companies of Turkmenistan, Afghanistan, Pakistan, and India have established a company that will build, own and operate a planned 1,800-km pipeline linking the four countries, said Asian Development Bank (ADB) which was appointed project adviser last November. The Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline will be equally owned (more…)

MALAYSIA: Petronas to acquire remaining 47% stake in Melaka refinery for US$635 million

(EnergyAsia, November 13 2014, Thursday) — Malaysian state energy firm Petronas said it will fully own Malaysian Refining Company Sdn Bhd (MRC) when it completes the buy-out of its US partner’s 47% stake for US$635 million in cash. Petronas will take full control of MRC’s 170,000 b/d refinery in Melaka state on the west coast (more…)

CHINA: IEA says will keep watch over state-owned firms now in control 7% of global oil production

(EnergyAsia, November 12 2014, Wednesday) — Having invested a total of US$73 billion in upstream assets over the last three years, Chinese state-owned firms now control around seven percent of global crude oil production of over 93 million b/d, said the International Energy Agency (IEA). While the deals are driven by commercial interests, the IEA (more…)

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INDIA: Power plants “secure” contracts for coal feedstock, but will supply be available?

(EnergyAsia, November 11 2014, Tuesday) — Utilities representing nearly 95% of India’s 78,000MW of coal-fired power capacity have secured feedstock through supply contracts with state-owned Coal India Limited (CIL), said the Coal Ministry. But doubts persist as to whether the underachieving CIL will be able to even deliver on the 161 fuel supply agreements to (more…)

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INDIA: Coal imports to continue rising on weak prices, rising demand

(EnergyAsia, November 10 2014, Monday) — India’s coal imports are expected to continue rising through the decade to feed the country’s growing power demand that is being helped by the protracted weakness in the fuel’s price. Amid slumping demand and oversupply around the world, thermal coal prices are holding near a five-year low with little (more…)

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MALAYSIA: Puma Energy continues Asian expansion with opening of large bitumen terminal in Johor state

(EnergyAsia, November 7 2014, Friday) — One of the world’s largest bitumen terminals with the capacity to store 74,000 tonnes of the petroleum product for paving roads officially started up in Malaysia’s Johor state this week. Puma Energy, a Singapore-based global integrated midstream and downstream energy company, said it held an opening ceremony for the (more…)

MARKETS: Crude oil futures rebound after hitting four-year lows, WTI at US$76.46, Brent US$81.63

(EnergyAsia, November 6 2014, Thursday) — Crude’s relentless drive to test new lows was briefly interrupted on the overnight New York markets by unconfirmed fears of a terror attack in Saudi Arabia and a smaller-than-expected buildup in US crude stocks. US WTI touched a low of US$76.46 a barrel while North Sea slumped to US$81.63 (more…)

INDIA: Coal ministry to speed up development of 90 state-owned mines, may start auctioning off reclaimed blocks next month

(EnergyAsia, November 5 2014, Wednesday) — As part of its reform programme to solve India’s domestic energy crisis, the six-month-old government to Prime Minister Narendra Modi is planning to speed up the development of 90 state-owned coal mines as well as auction off more than 70 others that it recently reclaimed from private companies.   (more…)

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MALAYSIA: Petronas signs 10-year agreement to supply LNG to Singapore’s Keppel Gas

(EnergyAsia, November 4 2014, Tuesday) — Malaysia’s state-owned energy firm Petronas has signed an agreement with a subsidiary of Singapore’s Keppel Corp for the annual supply of one million tonnes of liquefied natural gas (LNG) for 10 years. The Singapore firm said Keppel Infrastructure Holdings Pte Ltd (Keppel Infrastructure) signed the heads of agreement through (more…)

SINGAPORE: Port could start offering LNG as shipping fuel by 2020

(EnergyAsia, November 3 2014, Monday) — Singapore, the world’s largest port for supplying shipping fuels, plans to add cleaner-burning liquefied natural gas (LNG) to the list by 2020, said its transport minister. Speaking at an industry event, Lui Tuck Yew said Singapore might even offer LNG as a bunkering fuel before that as it plans (more…)