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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, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
Wednesday, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
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Showing 1786 to 1790 news of total 6871 |
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- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Planning Commission, India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
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