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Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
 Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reached in the beginning of the year, buoyed by expectations for an improving market situation, despite the current persistent oversupply. Oil futures surged more than 8%, with ICE Brent up $3.55 to average $43.34/b, while Nymex WTI rose $3.16 to $41.12/b.
World Economy
World economic growth is forecast at 3.1% in 2016, after estimated growth of 2.9% last year, both unchanged from the previous month. OECD growth in 2016 remains at 1.9%, slightly below the 2.0% seen in 2015. In the emerging economies, India and China continue to expand this year at a considerable level of 7.5% and 6.5%, respectively, with China having been revised up by 0.2 pp after a better-than-expected 1Q16. Brazil and Russia, however, are forecast to remain in recession this year, contracting by 3.4% and 1.1% respectively, with Brazil having been revised down by 0.5 pp.
World Oil Demand
World oil demand in 2015 grew by around 1.54 mb/d, unchanged from last month’s report. Total oil consumption averaged 92.98 mb/d. In 2016, world oil demand is projected to rise by 1.20 mb/d to reach 94.18 mb/d, unchanged from last month’s projections, despite upward revisions to Other Asia, which were counterbalanced by downward revisions to Latin America and China.
World Oil Supply
Non-OPEC oil supply growth for 2015 has been revised up slightly to 1.47 mb/d for an average of 57.14 mb/d. For 2016, non-OPEC oil supply was adjusted lower to average 56.40 mb/d, contracting by 0.74 mb/d. The estimate for OPEC NGLs and non-conventional oils in 2015 has been revised down by 20 tb/d based on direct communication to show a rise of 0.13 mb/d to average 6.13 mb/d. Growth in 2016 has also been adjusted lower to 0.16 mb/d to average 6.29 mb/d. In April, OPEC crude oil production rose 188 tb/d to average 32.44 mb/d, according to secondary sources.
Product Markets and Refining Operations
Product markets in the US were supported by strong domestic gasoline demand amid tightening sentiment due to some outages and maintenance. In Europe, higher export opportunities for gasoline ahead of the driving season lent support to refinery margins. Meanwhile, Asian margins weakened despite peaking refinery maintenance in the region as the oversupply in middle distillates weighed on product markets.
Tanker Market
Dirty tanker spot freight rates declined on the back of lower VLCC and Aframax freight rates as tonnage availability grew while market activity remains limited. Suezmax spot freight rates improved in April supported by strong sentiment for several destinations combined with an occasionally tight position list. In the clean tanker market, West of Suez activities supported freight rates, while East of Suez rates remained weak.
Stock Movements
OECD commercial oil stocks fell in March to stand at 3,049 mb. At this level, OECD commercial oil stocks are around 361 mb above the latest five-year average. Crude inventories showed a lower surplus of 215 mb, while products were broadly flat at 146 mb. In terms of forward cover, OECD commercial stocks stood at 66.8 days, some 7.5 days higher than the latest five-year average. Balance of Supply and Demand Demand for OPEC crude in 2015 is estimated to average 29.7 mb/d, unchanged from the previous month and 0.1 mb/d lower than the previous year. In 2016, demand for OPEC crude is projected at 31.5 mb/d, unchanged from the previous report and 1.8 mb/d higher than last year.
Source: OPEC
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Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
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