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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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Friday, 08 September 17
MIXED SIGNALS ON REFINERY PREPARATIONS FOR 2020 FUEL CHANGES - IBIA
A recent consultancy survey has suggested that some 85% of refiners have not made plans for how to deal with the expected dramatic fall in g ...
Thursday, 07 September 17
CAPESIZE: EARNINGS FOR THE BIG SHIPS KEEP UP NICELY AS DIPS ARE MODERATE AND SHORT-LIVED - FEARNLEYS
Supramax
Fewer activities in the Atlantic in start of the week with the US holidays. Owners were asking around low USD 20k for trip ex USG to Far ...
Thursday, 07 September 17
TALK OF CONSTRAINTS ON CHINESE COAL OUTPUT PUSHED PRICES HIGHER - DANIEL HYNES
Commodity markets were largely higher as a weaker USD boosted investor appetite.
According to Daniel Hynes, Senior Commodity Strategist at ANZ ...
Wednesday, 06 September 17
LAYTIME - CHARTERERS' RIGHTS & PORT COSTS - NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover ...
Wednesday, 06 September 17
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipp ...
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Showing 1951 to 1955 news of total 6871 |
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- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
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