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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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Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
Thursday, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
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- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
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