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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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Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- The University of Queensland
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
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