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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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Friday, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
Thursday, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
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- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Australian Coal Association
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- India Bulls Power Limited - India
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