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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, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Australian Coal Association
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- GMR Energy Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
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