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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, 02 March 18
ANGLO AMERICAN COMPLETES SALE OF ESKOM-TIED THERMAL COAL OPERATIONS IN SOUTH AFRICA
Anglo American plc (“Anglo American”) confirms completion of the sale of its Eskom-tied domestic thermal coal operations in South Afric ...
Friday, 02 March 18
MORE COAL INQUIRES FROM SOUTH AFRICA TO INDIA; SUPRAS FIXED CA $12K + BB - FEARNLEYS
Supramax
Better rates in Atlantic, but not too busy market just yet.
Black Sea catched improving rates for grain cargoes, where supras to Eg ...
Friday, 02 March 18
U.S. WEEKLY COAL PRODUCTION DOWN 2.7 PER CENT W/E 24 FEB, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Wednesday, 28 February 18
INDIA: TEPID COAL TRAFFIC TO HIT VOLUME GROWTH AT PORTS TILL 2022 - PTI
Cargo growth at the country’s major ports is all set to moderate to 3-5 per cent per annum over the next five years due to the “sedate ...
Wednesday, 28 February 18
MARKET INSIGHT - LINOS KOGEVINAS
US Shale production continues to grow rapidly, hitting new records and with projections being revised upwardly at every turn. According to the Inte ...
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- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Dalmia Cement Bharat India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Posco Energy - South Korea
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
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