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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, 13 October 17
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS OF 2017 TOTALED 51 MMST; UP 62% YOY, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million shor ...
Thursday, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
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Showing 1916 to 1920 news of total 6871 |
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- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Parliament of New Zealand
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- The University of Queensland
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
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