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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, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
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