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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, 05 September 17
COAL: A STRONG MOVEMENT IN THE COAL MARKET OVER THE SUMMER MONTHS - GEORGE LAZARIDIS
We have been witnessing a strong movement in the coal market over the summer months something that has not only helped boost prices for the commodi ...
Friday, 01 September 17
U.S COAL OUTPUT DIPS WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 31 August 17
SUPRAMAX: INDO TO CHINA COAL TRIPS AT AROUND $9000, DELIVERY THAILAND - FEARNLEYS
Supramax
A bit slow start to the week with UK holidays on Monday. Still strong rates for cargoes out of Black Sea, where front hauls where done $ ...
Tuesday, 29 August 17
WEEKLY SHIPPING MARKET ANALYSIS - ALLIED
In the aftermath of Hurricane Harvey, one of the worst disasters to hit Texas, we are now looking to get a clearer picture of the possible disrupti ...
Tuesday, 29 August 17
U.S WEEKLY COAL OUT UP 3.4% WEEK OVER WEEK TO APPROX. 17 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tonne ...
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Showing 1956 to 1960 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- The University of Queensland
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
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