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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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Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
Friday, 09 March 18
U.S. EXPORTED 97 MMST OF COAL IN 2017, A 61 PER CENT INCREASE FROM 2016 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.1 million short tons ...
Thursday, 08 March 18
BUMA SIGNED OVER US$ 500 MILLION WORTH OF NEW CONTRACT WITH PT TANAH BUMBU RESOURCES
PT Delta Dunia Makmur Tbk., announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into mining services ...
Thursday, 08 March 18
THE ENERGY CONTRIBUTION FROM COAL-BASED POWER PLANTS IS LIKELY TO INCREASE TO 1072 BU BY 2021-22 : PIB
Government of India has set an ambitious target of 175 GW from Renewable energy sources (RES) by 2022, which comprises of 100 GW Solar, 60GW from W ...
Thursday, 08 March 18
SUPRAMAX: THE MARKET IS STILL GOING STRONG IN THE PACIFIC - FEARNLEYS
Supramax
The market is still going strong in the Pacific, with Ultra fixing high US$ 13000+375000 bb for South Africa to ECI while nickel ore run ...
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- Marubeni Corporation - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Planning Commission, India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
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