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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, 22 November 17
THERMAL COAL WAS FLAT AMID CONCERNS OF FURTHER GOVERNMENT INTERVENTION IN CHINA, SAYS DANIEL HYNES
Coal prices were mixed. Thermal coal was flat amid concerns of further government intervention in China, said Daniel Hynes Senior Commodity Strateg ...
Wednesday, 22 November 17
CHINA CONSUMES MORE THAN TWO-THIRDS OF THE GLOBAL SEABORNE IRON ORE MARKET; PRODUCES AS MUCH STEEL AS THE REST OF THE WORLD COMBINED - CHRISTOPHER T. WHITTY
China consumes more than two-thirds of the global seaborne iron ore market and at the same time produces as much steel as the rest of the world com ...
Monday, 20 November 17
INDONESIAN COAL BENCHMARK PRICE SURGES 0.86% TO $94.80 A TON, GOVERNMENT DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 0.86% in November compared to declared price in October, the latest ministerial decree showed. ...
Friday, 17 November 17
U.S. PRODUCED 678.8 MMST OF COAL YEAR TO DATE; 9% UP Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.8 million short ton ...
Thursday, 16 November 17
PANAMAX ACTIVITIES HAVE SLOWED DOWN QUITE SUBSTANTIALLY THE LAST WEEK - FEARNLEYS
Supramax
Another week with rates easing over all the Supra routes within Atlantic.
Front hauls from USG got payed around 21-22k daily and ul ...
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Showing 1871 to 1875 news of total 6871 |
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- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Parliament of New Zealand
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
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