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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, 08 August 17
COAL SALES DESTINATION IS DOMINATED BY DEVELOPING COUNTRIES IN ASIA - ADARO
COALspot.com: Adaro Energy has produced 13.27 million tonnes of coal during the second quarter of 2017, from the mines PT Adaro Indonesia, PT Semes ...
Tuesday, 08 August 17
KOMIPO INVITES BIDS FOR 5200 AND 5700 NAR COAL FOR Q4 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 420,000 Metric Tons of Bituminous coal ...
Monday, 07 August 17
INDIA'S THERMAL COAL IMPORTS HAVE FALLEN BY 16% YEAR-ON-YEAR IN THE FIRST FIVE MONTHS OF THIS YEAR
COALspot.com: The second quarter of 2017 was characterized by volatility in the coal market driven by policy measures and weather disruptions say A ...
Monday, 07 August 17
BUMA SIGNED $385 MILLION WORTH OF NEW CONTRACT WITH PT PADA IDI
COALspot.com: PT Delta Dunia Makmur Tbk., has announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into min ...
Monday, 07 August 17
THE SHIPPING INDEXES BOUNCE BACK THIS PAST WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ove ...
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Showing 1981 to 1985 news of total 6871 |
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- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- PTC India Limited - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
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