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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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Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
Friday, 29 June 18
THE LBH GROUP AND RHENUS PLAN TO ESTABLISH A JOINT COMPANY
Press Release: The port services provider, the LBH Group, and the logistics specialist Rhenus, are planning to cooperate closely in the European in ...
Friday, 29 June 18
SUPRAMAX: INDO / CHINA COAL ROUNDS PAYING AROUND USD HIGH 11000 - FEARNLYS
Capesize
Its been an interesting week with a strong demand for ships out of Brazil, making C3 rates remain around USD 19 pmt said Fearnlys in i ...
Friday, 29 June 18
JAPAN'S TOHOKU ELEC, GLENCORE ABANDON APRIL-MARCH COAL CONTRACT TALKS - REUTERS
Japan’s Tohoku Electric Power Co Inc and Glencore Plc have abandoned talks on annual thermal coal supplies after failing to reach an agreemen ...
Wednesday, 27 June 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
After the abolishment of the trade embargo against Iran, there was a lot of optimism from the country’s side, as after quite some time a numb ...
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- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
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