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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, 05 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the la ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
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- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- White Energy Company Limited
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
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