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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, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
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Showing 1856 to 1860 news of total 6871 |
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- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Siam City Cement - Thailand
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Planning Commission, India
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