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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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Tuesday, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
Tuesday, 07 November 17
DRY BULK SHIPPING: TAKE GOOD CARE OF THE RECOVERY SAYS PETER SAND
Demand:
Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In Septembe ...
Tuesday, 07 November 17
COAL MARKETS WERE RELATIVELY BUOYANT - DANIEL HYNES
Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
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Showing 1891 to 1895 news of total 6871 |
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- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Planning Commission, India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
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