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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, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
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- The University of Queensland
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Planning Commission, India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
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