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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, 15 March 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE PAYING IN THE LOW $13K TO S. CHINA AND HIGH $13K TO NORTH IN CHINA
Supramax
More activity from USG , front hauls to Far East have settled around $25000, and to Cont around $20000. Stable gain again in Black Sea w ...
Thursday, 15 March 18
BHEL COMMISSIONS 600 MW THERMAL POWER PLANT FOR APGENCO IN ANDHRA PRADESH
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in the state of Andhra Pradesh.
...
Thursday, 15 March 18
SUEK GROUP SECURES $1.055BN 5-YEAR SYNDICATED PRE-EXPORT FINANCE FACILITY
SUEK Group signed a $1.055bn syndicated pre-export loan agreement. The facility with five years duration is secured against the Group’s expor ...
Wednesday, 14 March 18
COAL PRICES UP SAYS MINERALS COUNCIL - IAN KIRKWOOD,THE HERALD
NSW thermal coal exports were at near-record levels last year but prices were up, the Minerals Council of NSW has said after appraising annual stat ...
Wednesday, 14 March 18
NEW COAL PRICE FORMULA DOESN'T APPLY RETROACTIVELY: OFFICIAL - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry has decided to change the implementation period of the new discounted price formula for coal sold to the ...
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Showing 1771 to 1775 news of total 6871 |
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- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- The University of Queensland
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
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