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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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Monday, 14 August 17
THE FREIGHT MARKET CONTINUES ON AN UPWARD PATH
COALspot.com: The freight market was continued to rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positi ...
Monday, 14 August 17
IN A PARIS AGREEMENT WORLD, COAL WILL MEET GROWING ASIAN ENERGY NEEDS - BENJAMIN SPORTON
When providing 41% of the world’s electricity, 85% of global cement, 74% of the world’s steel and 60% of the world’s aluminum, co ...
Friday, 11 August 17
KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,280,000 Metric Tons of Bitumino ...
Friday, 11 August 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
Thursday, 10 August 17
GLOBAL COAL PRODUCTION FELL SIGNIFICANTLY IN 2016 - IEA
COALspot.com: Global coal production fell significantly in 2016, while global trade in natural gas was up. These are two of the key messages in Wor ...
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- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
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- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
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- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
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- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
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- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
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- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
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- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
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