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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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Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
Tuesday, 24 July 18
TANKER MARKET : IN TERMS OF TRADE, THE STEPS THAT WERE SLOWLY BEING TAKEN BY OPEC AND RUSSIA - GEORGE LAZARIDIS
Despite the fact that the tanker market still seems to be in the midst of a perfect storm, there are still strong indicators that better sailing da ...
Thursday, 19 July 18
VINACOMIN PRODUCES OVER 20 MLN TONNES OF RAW COAL FROM YEAR'S START - VNA
The Vietnam National Coal and Mineral Industries Group (Vinacomin) has produced over 20 million tonnes of raw coal and 19.3 million of clean coal f ...
Wednesday, 18 July 18
INDONESIA TO AUCTION 16 MINING SITES - JP
Indonesia will soon auction 16 mining sites as no proposal submissions have been submitted by state-owned enterprises (BUMN) and regional administr ...
Wednesday, 18 July 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
The new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been tr ...
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- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- The University of Queensland
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- White Energy Company Limited
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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