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Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
 Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude futures also declined on concerns about growing oil output and high crude inventories in the US. ICE Brent ended 6.2% lower at $52.54/b, while NYMEX WTI decreased 7.1% to $49.67/b. The BrentWTI spread widened to $2.86/b, supporting US crude oil exports. Hedge funds liquidated their large net long positions in crude, contributing to the sharp drop in oil prices.
World Economy
The momentum in global economic growth has been improving resulting in an upward revision in the 2017 forecast to now stand at 3.3% from 3.2% previously, while growth for 2016 remains at 3.0%. OECD growth in 2017 remains at 1.9%, with the US and Euro-zone seeing no revisions. Japan’s 2017 growth forecast was revised up to 1.2% from 1.1% previously. China’s 2017 growth was also revised higher to 6.3% from 6.2%, while India’s forecast remains at 7.0%. Russia’s 2017 growth was revised up to 1.2% from 1.0%, while the forecast for Brazil is unchanged at 0.5%.
World Oil Demand
World oil demand growth in 2016 was kept broadly unchanged at 1.38 mb/d, averaging 95.05 mb/d. For 2017, oil demand growth is anticipated to be around 1.27 mb/d, following an upward revision of 10 mb/d to average 96.32 mb/d. The ‘Other Asia’ group – which includes India – is anticipated to lead oil demand growth in 2017, followed by China and OECD Americas. OECD Asia-Pacific is the only region anticipated to see a decline in oil demand in 2017.
World Oil Supply
Non-OPEC oil supply is estimated to have averaged 57.32 mb/d in 2016, representing a contraction of 0.69 mb/d y-o-y following a minor downward revision of 30 tb/d. In 2017, non-OPEC oil supply is projected to grow by 0.58 mb/d, following an upward revision of 176 tb/d due to higher than expected growth in the US and lesser contractions in Colombia and China, to average 57.89 mb/d. The US supply growth forecast was revised up by 0.20 mb/d to stand at 0.54 mb/d. OPEC NGLs and non-conventional oil production is forecast to grow by 0.13 mb/d in 2017, following growth of 0.14 mb/d in 2016. In March, OPEC production decreased by 153 tb/d, according to secondary sources, to average 31.93 mb/d. Product Markets and
Refining Operations
Product markets exhibited a mixed performance in the Atlantic Basin, as the lack of export opportunities for gasoline amid increasing inflows of middle distillates impacted the European market. Meanwhile, stronger domestic gasoline demand in the US ahead of the transition to summer grades lent strong support to refinery margins. In Asia, the lack of arbitrage amid increasing inflows into the region weighed on the market despite the onset of the spring refinery maintenance season.
Tanker Market
The tanker market showed a mixed pattern in March. VLCCs exhibiting an average decline of 23% m-o-m in spot rates on its various trading routes, as the tonnage availability remained abundant. In contrast, Suezmax and Aframax rates increased m-o-m by 13%, and 6%, respectively, mainly due to transit delays in the Turkish Straits, discharge delays in the east, and occasional tightening in tonnage supply. The market experienced higher monthly freight rates for clean tankers on most reported routes.
Stock Movements
Total OECD commercial oil stocks fell in February to 2,987 mb to now stand 268 mb above the latest five years average. Crude and product stocks indicated a surplus of around 227 mb and 41 mb, respectively. In terms of days of forward cover, OECD commercial stocks stood at 64.2 days, some 4.6 days higher than the latest five-year average Balance of Supply and Demand
Demand for OPEC crude in 2016 now stands at 31.7 mb/d, which is 1.9 mb/d higher than the 2015 level. In 2017, demand for OPEC crude is projected at 32.2 mb/d, around 0.6 mb/d higher than the 2016 level.
Source: OPEC
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Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
Tuesday, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
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- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- White Energy Company Limited
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- The University of Queensland
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
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