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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, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
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- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- VISA Power Limited - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Australian Coal Association
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