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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, 15 November 17
MARKET INSIGHT - LINOS KOGEVINAS
For another week, oil seems to be the most volatile and interesting commodity to watch. In this segment we’ll look at some of the major facto ...
Tuesday, 14 November 17
COAL STOCKS RUN SHORT, CENTRE TO GET DAILY UPDATE ON STOCKS - DECCAN CHRONICLE
Facing a shortage of coal for thermal power generation in the country, the Central Electricity Authority (CEA) has issued guidelines for maintainin ...
Tuesday, 14 November 17
IN 2018, WORLD OIL DEMAND IS FORESEEN REACHING 1.51 MB/D - OPEC
Oil Market Highlights - OPEC
The OPEC Reference Basket averaged $55.50/b in October, gaining $2.06 over the previous month and reaching the hi ...
Monday, 13 November 17
THERMAL COAL PRICES WERE RELATIVELY UNCHANGED - DANIEL HYNES
Coal prices were broadly higher, driven by strong gains in the metallurgical coal market said Daniel Hynes, Senior Commodity Strategist at ANZ in h ...
Monday, 13 November 17
THIESS AWARDED $300M SANGATTA EXPANSION CONTRACT
Thiess has been awarded a $300 million contract by Kaltim Prima Coal (KPC) to expand operations at Sangatta coal mine in East Kalimantan, Indonesia ...
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Showing 1881 to 1885 news of total 6871 |
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- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
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