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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, 01 February 18
RISING US OIL EXPORTS, MARKET DISRUPTION, BRENT-WTI SPREAD - WOOD MACKENZIE
What will US tight oil growth do to crude markets? The build-up in volumes early this decade led to a supply glut that undermined prices in 2014.
...
Wednesday, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers repo ...
Monday, 29 January 18
BALTIC INDEX GAINS ON STRONGER BIG VESSEL ACTIVITY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week and ending on a positive note week ov ...
Monday, 29 January 18
U.S.WEEKLY COAL OUTPUT UP 8.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.6 million short tons ...
Wednesday, 24 January 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Since the beginning of the New Year we have been witnessing the BDI correcting downwards, which nonetheless seems to have no effect at ...
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Showing 1821 to 1825 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- PTC India Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
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