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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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Thursday, 16 November 17
KOMIPO INVITED BIDS FOR 3.9 MILLION TONS OF 5700 NAR AND 5400 NAR COAL FOR 2018 - 2020 DELIVERY
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 3,900,000 Metric Tons of min. 570 ...
Thursday, 16 November 17
THE PORT OF NEWCASTLE HAS SHIPPED 14.94 PERCENT LESS COAL IN OCTOBER 2017, DATA SHOWS
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,466.8 ...
Thursday, 16 November 17
GOVERNMENT, 13 COAL MINERS AGREE TO CHANGE CONTRACTS - JP
The government and 13 coal mining companies have agreed to change the old Contract of Work (CoW), as part of the implementation of Law No. 4/20199 ...
Wednesday, 15 November 17
IEA RECOGNISES COAL'S CONTINUOUS IMPORTANCE TO GLOBAL ENERGY NEEDS - WCA
The World Coal Association (WCA) has welcomed the International Energy Agency’s (IEA) recognition that coal will continue to play a vital rol ...
Wednesday, 15 November 17
THERMAL COAL WAS DRAGGED DOWN BY THE WEAKNESS ACROSS THE WIDER ENERGY SECTOR - DANIEL HYNES
The coal market was mixed.
Thermal coal was dragged down by the weakness across the wider energy sector, said Daniel Hynes Senior Commodi ...
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Showing 1876 to 1880 news of total 6871 |
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- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Planning Commission, India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
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