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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, 12 September 17
KOMIPO TO IMPORT 2.5 MILLION TONS OF 5700 NAR COAL FOR 5 YEARS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 500,000 Metric Tons of Bituminous ...
Monday, 11 September 17
A PUNCHY WEEK FOR THE BIG SHIPS AS THE RATE FOR WEST AUSTRALIA TO CHINA HIT $8.00 THE FIRST TIME IN NEARLY THREE YEARS - BALTIC EXCHANGE
Capesize
A punchy week for the big ships as the rate for West Australia/China hit $8.00 the first time in nearly three years. A Jiangsu Steamship ...
Monday, 11 September 17
INDONESIAN ICPR SURGES HIGHER, POSTS BIGGEST MONTHLY RISE SINCE DECEMBER 2016, ESDM DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 9.60% in September, government data showed.
The benchmark price of Indonesian th ...
Monday, 11 September 17
KOMIPO INVITED BIDS FOR TOTAL 6.235 MMT OF 5700 AND 5100 NAR COAL FOR 2017 TO 2022 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,590,000 Metric Tons of Bitumino ...
Monday, 11 September 17
THE FREIGHT MARKET ROSE WEEK OVER WEEK; BCI UP 22.22% & BPI UP 14.77%
COALspot.com: The freight market rose in all segments week over week. Mainly Cape and Panamax have supported to pushed up BDI this past week, BDI, ...
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Showing 1946 to 1950 news of total 6871 |
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- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
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