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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, 03 October 17
RIO TINTO COMPLETES FIRST FULLY AUTONOMOUS RAIL JOURNEY IN WESTERN AUSTRALIA
Rio Tinto has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia ...
Tuesday, 03 October 17
ALLIED MARKET ANALYSIS
It seems as though the future of the oil trade was once again put into the spotlight, as the Asia Pacific Petroleum Conference took place last week ...
Friday, 29 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FIFTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ...
Thursday, 28 September 17
SUPRAMAX: S.CHINA TRIP TO INDIA HAS BEEN FIXED AT AROUND US$ 11000 - FEARNLEYS
Supramax
The hot market seen the last weeks in the Pacific has softened as the Golden week holiday in China approaches and the October shipments ...
Thursday, 28 September 17
THE 'UNREASONABLE' COST OF CASUALTY REPAIRS: ASSOCIATION OF AVERAGE ADJUSTERS CHAIRMAN DETAILS CLAIMS DILEMMAS
KNOWLEDGE TO ELEVATE
The ‘unreasonable’ cost of casualty repairs: Association of Average Adjusters chairman details claims dilemma ...
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Showing 1926 to 1930 news of total 6871 |
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- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Tamil Nadu electricity Board
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