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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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Friday, 10 November 17
U.S. COAL OUTPUT FOR THE FIRST 10 MONTHS OF 2017 IS ESTIMATED AT AROUND 656 MMST; UP10% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15 million short tons ...
Wednesday, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
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Showing 1886 to 1890 news of total 6871 |
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- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- PTC India Limited - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
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