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