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VM GroupTel. +44 20 7569 5930info@vmgroup.co.uk 1 |
 
ENERGY MONTHLY | July 2010
 
Contents
Feature: Asia: the coal reality...................3Oil & Gas .................................................8Refining..................................................14Power.....................................................19Fund activity...........................................24Prices over last three years....................26Oil supply and demand...........................28 About VM Group ...................................31VM Group disclaimer and copyright........32 ABN AMRO disclaimer and copyright ....33
 
ABN AMRO Energy Monthly
Investment Research by VM Group July 2010
Analysts:
•
Mike Cassell
 E-mail: mike@vmgroup.co.uk
•
Gary Mead
E-mail: gary@vmgroup.co.uk
•
Justine White
E-mail: justine@vmgroup.co.uk
•
Marina Loterijman
E-mail: marina@vmgroup.co.uk
 
 
VM GroupTel. +44 20 7569 59302 |
 
ENERGY MONTHLY | July 2010 info@vmgroup.co.uk
Selected energy prices, over past month: re-based to 100
8085909510010511011512007-Jun 17-Jun 27-JunWTI crude, Nymex Brent crude, ICE FuturesHenry Hub natural gas, Nymex Natural gas, ICE FuturesGas oil, ICE Futures RBOB gasoline, Nymex8085909510010511011507-Jun 17-Jun 27-JunHeating oil, Nymex Kerosene, SingaporeDiesel, New York Diesel, 10 ppmCoal, N mex
 
 
 
VM GroupTel. +44 20 7569 5930info@vmgroup.co.uk 3 |
 
ENERGY MONTHLY | July 2010
 
Feature
Asia: the coal reality
 
By Michael Cassell
 
When in June this year President Obama used the Gulf of Mexico oil spill to champion a “national mission” to wean the US off fossil fuels, taking it into a new era of clean, secure energy supplies, he acknowledged that the task was Herculean, but claimed that, if a country like China could commit itself to changing its energy habits, then so could his own. Citing the world’s fastest- growing economy as a model for the global energy revolution may not,however, have been his smartest move. Set aside China’s pledges to curb its fossil fuel consumption and create a powerful economy based on renewable energy, and the reality remains that it will continue for many years to devour ‘dirty’ energy at a startling rate.
Last month, China’s Electricity Council said that power generated from clean energywould provide at least 30% of its electricity needs by 2015, the most ambitiousstatement to date on China’s so-called 'energy revolution‘, now said to be underway.
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