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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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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Minerals Council of Australia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Planning Commission, India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
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