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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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Monday, 25 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FOURTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million short ton ...
Wednesday, 20 September 17
SHIPPING MARKET INSIGHT - INTERMODAL
An undoubtedly interesting market lately is the newbuilding market, in which we are witnessing numerous orders across all sectors and sizes. At the ...
Monday, 18 September 17
COAL PRICES WERE RELATIVELY UNCHANGED WEEK OVER WEEK - ANZ
COALspot.com: Coal prices were relatively unchanged, with most interest remaining in the thermal coal market said Daniel Hynes. However, falling st ...
Monday, 18 September 17
PROSPECTS ARE NOT SO CLEAR CUT FOR COAL - CLARKSONS
Prospects are not so clear-cut for coal. According to Clarksons, coal has been a key energy source since the Industrial Revolution and in 2016, ste ...
Friday, 15 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE THIRD WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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Showing 1936 to 1940 news of total 6871 |
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- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Planning Commission, India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
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