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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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Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
Monday, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
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- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- The University of Queensland
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
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