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Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
 Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared with previous years. Oversupply and growing economic headwinds are weighing down heavily on oil worldwide. According to the U.S. Energy Information Administration (EIA), Brent crude oil prices are forecast to average $35/b in summer 2016, $21/b lower than last summer. The monthly average spot price of Brent crude oil increased by $2/b in June to $48/b, which was actually the highest monthly average for Brent since October 2015. This was the fifth consecutive increase in the monthly average Brent price, the longest such stretch since May through September 2013.
In the U.S., commercial crude oil weekly inventories have increased by more than 71 million barrels (15%) since the end of September 2015, pushing crude oil storage capacity utilization to a near record high according to EIA. The large increase in crude oil storage capacity in the States between September 2015 and March 2016 was prompted by increased demand for crude oil storage as global supply has outpaced global demand for most of the past two years.
In S.E. Asia, predominantly Singapore and Malaysia, the volumes of oil stored at sea also appear to have increased significantly. There is still a large fleet of VLCCs off Singapore anchored in nearby areas for storage use. There is a major concern that there is still a considerable quantity of physical crude oil stored in the area especially during the last few months.
This is actually the fourth time during the last three decades, that we have a major crash in oil prices. OPEC countries today, refuse to actually cut back or agree to limit production in order to boost prices. In the past, that tactic was a good solution but today OPEC is facing its own challenges. For Saudi Arabia and the remaining Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar and United Arab Emirates), which together account for around 40% of the world's oil reserves and the lion's share of OPEC's collective output, their future oil strategy should be an exclusively GCC affair, away from the stress and dysfunction of OPEC. We see huge developments and the continued existence of OPEC being in peril.
The conflict within the OPEC group over a coordinated cut in output has led to intense international pressure on Saudi Arabia. The meeting of oil producers in Doha in April basically led to more claims of Saudi Arabia’s intolerance, despite the fact that Saudi Arabia has the largest excess oil capacity in the world by an enormous degree.
We have, in fact, passed the point where OPEC's key member Saudi Arabia can any longer dictate oil prices. Saudi Arabia might have hinged on the respect it received from OPEC members, which gave it control over OPEC outputs and de-facto control of 40% of world oil output, way more than its share.
That status quo guaranteed a steady oil supply which, in turn, fueled economic exchanges and progress during the last half-century with an unprecedented increase in prosperity worldwide. We are now transitioning to a time where open trading on world markets has more impact on oil prices than the attempts of OPEC to establish artificial restricted supply.
By Christopher Whitty
Commercial Manager - Towage & Port Agency
Cotzias Intermodal Shipping Inc.
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
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