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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, 13 June 18
SHIPPING MARKET INSIGHT - SOPHIE COTZIAS
2018 marks quite a few milestones for Greek Shipping. No need to detail again the greatness of Greek Shipping or the singular position that Greek s ...
Monday, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was sl ...
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- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- The University of Queensland
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Planning Commission, India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
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