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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, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
Wednesday, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
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Showing 1736 to 1740 news of total 6871 |
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- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- The University of Queensland
- PowerSource Philippines DevCo
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- VISA Power Limited - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
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