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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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Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The cu ...
Tuesday, 05 December 17
THE COKING AND THERMAL COAL RECORDING SMALL GAINS - DANIEL HYNES
Coal markets were higher, with both coking and thermal coal recording small gains, said Daniel Hynes Senior Commodity Strategist at ANZ in his late ...
Tuesday, 05 December 17
WEEKLY US COAL PRODUCTION ESTIMATES DIP WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.1 million short ton ...
Thursday, 30 November 17
CONTEMPLATING COAL'S CONTROVERSY AT COP23 - BENJAMIN SPORTON
Representing the coal industry at climate talks is never going to be an easy proposition. For many people, coal and climate action are incompatible ...
Wednesday, 29 November 17
THE LAST DAYS OF COAL? - ALIBRA SHIPPING
At least 15 countries have joined an international alliance to phase out coal use for power generation before 2030.
Britain, Canada, Denmark, ...
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Showing 1861 to 1865 news of total 6871 |
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- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- The University of Queensland
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
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