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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, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 06 May 16
U.S. WEEKLY COAL PRODUCTION UP 9 PERCENT W/W; DOWN 35.3 PERCENT Y/Y - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million short to ...
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- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- PTC India Limited - India
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