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Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
 In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the cartel’s plan to manipulate the oil price, money managers’ positions reverse and finally, USA versus Iran! Stay tuned to find out more about the intriguing action taking place in the oil market.
Goliath. When the first production cut agreement was agreed by OPEC oil producers last November, WTI crude surged 12% within a trading week noting its biggest gains in 6 years. On the contrary, the agreement during last week’s meeting in Vienna, to extend the cut for another nine months failed to cause a rally in oil prices. Instead, both WTI and the global benchmark Brent slid on the 25th of May signaling not only that the extension was already priced in the commodity’s price but also further pessimism from the investing community. It seems that the mighty cartel will need more than announcements to meet its target price of $60/bbl. But guess who does stand in its way.
David. That’s correct. US shale oil producers have more than doubled their operating rigs from the previous year’s lowest point. Amid the highest production levels since August 2015, inventories hitting record numbers on March 2017 and new technologies that allow for a lower breakeven point in operating expenses, shale producers did not stay idle. But what is probably the best countermeasure that they took lies in the financial markets. Taking advantage of the price rally that occurred from announcements that the cartel traditionally uses to stimulate the market, they hedged their physical positions when the oil price has hit more than $50/bbl, a point assuring them profitability. So effectively, OPEC’s strategy proved somewhat unsuccessful as it helped save the sector it originally tried to eliminate!
Big Short. Another notable player sitting in the oil market’s table is smart money. Money managers’ positions demonstrate a rather bearish picture as bets against oil in both futures and options markets hit record highs. Moreover, consecutive cuts in net-long positions in WTI and Brent holdings, further ascertains that hedge funds are no longer overinvested in the oil market. I know what you are thinking. Rallies in oil price did happen. Well, they sure did; nevertheless, somewhere between behavioral sentiment, purely short-term technical trading and covering of short positions none of these rallies have proved to be a persistent upward trend.
Uncle Sam. Despite Iran’s compliance with the terms of the nuclear deal, possibility that current US government will not proceed to lift sanctions just yet is still hovering around. This way, prices for domestic crude as well as North Sea’s Brent will most probably be boosted. In regards though to the oil-derived shipping market, less production in the Middle-East region may suggest a substitution with Nigerian crude, which results in more ton-miles of transportation as major importers are located in the Far East. However, this reduction in heavier crude production suggests that refineries will produce less fuel oil in favor of higher distillate products potentially affecting this way the trading patterns between the dirty and clean tanker market segments. So, as you may have guessed, the impact that president Trump’s policies will have on trump shipping is not easy to assess.
So, what have we learnt so far? Well, if price stability and sustainable growth of the market is the focus, then OPEC’s best option could be adjusting its strategy instead of expecting global demand to pick up. Otherwise, if its influence is not so strong anymore, maybe -and this is just a thought- it needs to look west for some new allies.
By Konstantinos Kakavitsas
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
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Showing 1856 to 1860 news of total 6871 |
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- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
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