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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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Wednesday, 29 November 17
THERMAL COAL MARKETS WERE A LITTLE BIT MORE SUBDUED - DANIEL HYNES, ANZ
Coal prices were stronger, led by gains in coking coal. Premium hard coking coal jumped above USD200/t for the first time in two months, said Danie ...
Wednesday, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
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Showing 1866 to 1870 news of total 6871 |
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- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Ministry of Mines - Canada
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
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