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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 September 17
MIXED SIGNALS ON REFINERY PREPARATIONS FOR 2020 FUEL CHANGES - IBIA
A recent consultancy survey has suggested that some 85% of refiners have not made plans for how to deal with the expected dramatic fall in g ...
Thursday, 07 September 17
CAPESIZE: EARNINGS FOR THE BIG SHIPS KEEP UP NICELY AS DIPS ARE MODERATE AND SHORT-LIVED - FEARNLEYS
Supramax
Fewer activities in the Atlantic in start of the week with the US holidays. Owners were asking around low USD 20k for trip ex USG to Far ...
Thursday, 07 September 17
TALK OF CONSTRAINTS ON CHINESE COAL OUTPUT PUSHED PRICES HIGHER - DANIEL HYNES
Commodity markets were largely higher as a weaker USD boosted investor appetite.
According to Daniel Hynes, Senior Commodity Strategist at ANZ ...
Wednesday, 06 September 17
LAYTIME - CHARTERERS' RIGHTS & PORT COSTS - NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover ...
Wednesday, 06 September 17
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipp ...
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Showing 1951 to 1955 news of total 6871 |
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- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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