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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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Thursday, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
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