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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, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
Tuesday, 07 November 17
DRY BULK SHIPPING: TAKE GOOD CARE OF THE RECOVERY SAYS PETER SAND
Demand:
Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In Septembe ...
Tuesday, 07 November 17
COAL MARKETS WERE RELATIVELY BUOYANT - DANIEL HYNES
Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
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Showing 1891 to 1895 news of total 6871 |
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- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
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