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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, 25 October 17
COAL MARKETS REMAINED SUBDUED - DANIEL HYNES
Coal markets remained subdued.
Daniel Hynes, Senior Commodity Strategist at ANZ, Coking coal prices were unchanged amid an absence of fresh of ...
Wednesday, 25 October 17
SHIPPING MARKET REPORT - INTERMODAL
While the majority of perspective Buyers in the dry bulk second-hand market is currently focusing on modern tonnage, there is also increased activi ...
Tuesday, 24 October 17
KOMIPO INVITED BIDS FOR MIN. 4600 NAR BLENDED SUB-BITUMINOUS COAL OF INDONESIAN ORIGIN FOR BORYEONG OR NEW BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 5,000,000 Metric Tons of blended sub-bi ...
Tuesday, 24 October 17
CHINA'S INSATIABLE APPETITE FOR THIS ENERGY COMMODITY CONTINUES STRONG - GEORGE LAZARIDIS
Crude oil prices have been seeing some support emerge this past week as supply disruptions in Iraq and a drop in US drilling has helped bolster oil ...
Friday, 20 October 17
U.S COAL PRODUCTION FELL 1.45 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
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Showing 1906 to 1910 news of total 6871 |
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- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
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