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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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Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
Monday, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
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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- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
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