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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, 25 March 16
DRY BULK SHIPPING FLEET WILL GROW BY 1.3% DURING 2016 - BIMCO | HELLENIC SHIPPING NEWS
The dry bulk market will keep on suffering, at least until the start of 2017 and possibly well after that, should the current balance of supply and ...
Friday, 25 March 16
U.S COAL PRODUCTION DECLINED 9.1% W/W - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.3 million shor ...
Thursday, 24 March 16
PERSISTENT OVERCAPACITY TO PROLONG CHINA'S COAL SECTOR DOWNTURN - FITCH
China's coal sector is likely to remain under pressure in the short to medium term as structural weaknesses in demand and overcapacity persist, ...
Thursday, 24 March 16
SEABORNE TRADE: CHECKING UP ON THE TRENDS - CLARKSON RESEARCH
Following a decline in 2009, seaborne trade grew on average by 4.9% p.a. in 2010-13, reflecting booming import demand in a number of key importing ...
Thursday, 24 March 16
NEWBUILDINGS' PRICES HAVE STARTED TO COME DOWN - ALLIED | HELLENIC SHIPPING NEWS
Newbuildings’ prices have started to come down, as demand has remained subdued for quite some time now. In its latest weekly report, shipbrok ...
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- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- PTC India Limited - India
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
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