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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, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
Tuesday, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
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- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- VISA Power Limited - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- White Energy Company Limited
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- The University of Queensland
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
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