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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, 14 August 17
THE FREIGHT MARKET CONTINUES ON AN UPWARD PATH
COALspot.com: The freight market was continued to rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positi ...
Monday, 14 August 17
IN A PARIS AGREEMENT WORLD, COAL WILL MEET GROWING ASIAN ENERGY NEEDS - BENJAMIN SPORTON
When providing 41% of the world’s electricity, 85% of global cement, 74% of the world’s steel and 60% of the world’s aluminum, co ...
Friday, 11 August 17
KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,280,000 Metric Tons of Bitumino ...
Friday, 11 August 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
Thursday, 10 August 17
GLOBAL COAL PRODUCTION FELL SIGNIFICANTLY IN 2016 - IEA
COALspot.com: Global coal production fell significantly in 2016, while global trade in natural gas was up. These are two of the key messages in Wor ...
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Showing 1971 to 1975 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- PTC India Limited - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
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