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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, 14 September 17
THE FIRM COAL TRADE IS SUPPORTING SUPRAS; FIXING AROUND LOW $13000 WITH DELIVERY THAILAND - FEARNLEYS
Supramax
This week has brought Supras firm rates and numerous orders. Scrap orders from Cont to Med still pay $11000 and Fertilizer from Baltic t ...
Thursday, 14 September 17
KOMIPO INVITED BIDS FOR 5700 NAR BITUMINOUS COAL FOR BORYEONG POWER PLANT; 390K MT FOR NOV LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 390,000 Metric Tons of Bituminous coal ...
Wednesday, 13 September 17
U.S. COAL EXPORTS FOR THE FIRST SIX MONTHS OF 2017 WERE 55% HIGHER COMPARED TO THE SAME PERIOD IN 2016 - EIA
COALspot.com: EIA expects the share of U.S. total utility-scale electricity generation from natural gas to fall from an average of 34% in 2016 to a ...
Wednesday, 13 September 17
SOME THOUGHTS ON NORTH KOREA, US & CHINA - THEODORE NTALAKOS
The trade volume between North Korea and China is more than $5 billion per year. 83% of North Korea's exports end up in China; similarly, about ...
Tuesday, 12 September 17
NEWCASTLE FOB PRICES ROSE STRONGLY AND ARE NOW THREATENING TO BREAK THROUGH US$100/T - DANIEL HYNES
COALspot.com: The rise in crude oil market supported further gains in thermal coal, says Daniel Hynes Senior Commodity Strategist at ANZ.
Acco ...
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Showing 1941 to 1945 news of total 6871 |
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- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- The University of Queensland
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Planning Commission, India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- White Energy Company Limited
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