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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, 06 July 18
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KNOWLEDGE TO ELEVATE
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Thursday, 05 July 18
WHAT THE FAILED GLENCORE-TOHOKU COAL TALKS MEAN FOR THE MARKET - REUTERS
Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan’s Tohoku Elec ...
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- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- GMR Energy Limited - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
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