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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 April 18
THIESS SECURES $240M SATUI EXTENSION
The successful implementation of an innovative mining plan by Thiess at the Satui coal mine in South Kalimantan, has resulted in a $240 million con ...
Friday, 30 March 18
SHIPPING INDUSTRY CONFIDENCE HITS FOUR-YEAR HIGH - MOORE STEPHENS
Shipping Confidence Survey
In February 2018, the average confidence level expressed by respondents was up from 6.2 in November 2017 t ...
Friday, 30 March 18
EXPLAINING POLAND'S COAL PARADOX - FORBES
In the U.S. coal is succumbing to market forces despite the Trump Administration’s push to support the industry. Abundant, cheap and cleaner ...
Friday, 30 March 18
THIESS SECURES $140M MT OWEN INCREASE
Thiess has secured a A$140 million increase to its contract with Glencore for coal mining services at Mt Owen in the Hunter Valley, Australia. Mt O ...
Wednesday, 28 March 18
THIESS WINS $280M WAHANA EXTENSION
Thiess has been awarded a three-year $280 million contract extension at the Wahana coal mine in South Kalimantan, Indonesia.
According to Thie ...
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- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Australian Coal Association
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
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