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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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Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
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- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Economic Council, Georgia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- London Commodity Brokers - England
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
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