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