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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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Thursday, 28 September 17
CHINESE GOVERNMENT TO CANCEL DOMESTIC IRON ORE MINING RIGHTS - JEFFREY LANDSBERG
It has been reported that China will cancel roughly one third of its iron ore mining licenses, says Commodore Research & Consultancy in its lat ...
Tuesday, 26 September 17
REDUCING THE RISK OF LIQUEFACTION - IUMI
KNOWLEDGE TO ELEVATE
Liquefaction is a phenomenon that can take place in granular materials, such as soil or fine ore, where the beh ...
Tuesday, 26 September 17
THE CURRENT HIGHS IN THE DRY BULK FREIGHT MARKET WILL SURELY BE SURPASSED AND BY A CONSIDERABLE MARGIN IN THE NEXT YEAR OR SO - GEORGE LAZARIDIS
The Dry Bulk market con!nues to show a strong face amidst the favorable tail winds being seen, which have helped the Bal!c Dry Index inch above the ...
Monday, 25 September 17
CHOICES FOR SHIPPING AS 2020 APPROACHES? - CLARKSONS
Historically, the fuel of choice for the vast majority of large cargo ships has been heavy fuel oil. But in 2020, sulphur oxide emissions will be c ...
Monday, 25 September 17
THE FREIGHT MARKET ROSE IN ALL SEGMENTS EXCEPT PANAMAX WEEK OVER WEEK
COALspot.com: The freight market rose in all segments except Panamax week over week. Mainly Cape has supported to boosted up BDI this past week, BD ...
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Showing 1931 to 1935 news of total 6871 |
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- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- The University of Queensland
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- PTC India Limited - India
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
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