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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, 13 October 17
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS OF 2017 TOTALED 51 MMST; UP 62% YOY, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million shor ...
Thursday, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
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Showing 1916 to 1920 news of total 6871 |
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- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Australian Coal Association
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
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