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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, 12 April 18
ALWAYS ACCESSIBLE
KNOWLEDGE TO ELEVATE
On 26 March 2018 Mr Justice Knowles determined that the berth warranty ‘always accessible’ must mean the vess ...
Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
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- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- MS Steel International - UAE
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- PTC India Limited - India
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