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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, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
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- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Australian Coal Association
- Bhatia International Limited - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- The University of Queensland
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- ICICI Bank Limited - India
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