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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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Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, 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 ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
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- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- The University of Queensland
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
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