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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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Wednesday, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
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