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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, 04 August 17
U.S. WEEKLY COAL OUTPUT UP 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
Friday, 04 August 17
IMPORTED COAL CONTINUES TO BE A COMPETITIVE, SAFE AND RELIABLE ENERGY SOURCE FOR GERMANY - VDKI
COALspot.com: Worldwide hard coal production in 2016 declined by 3.8% to 6.7 billion tonnes.
According to the Germany Coal Importers Associati ...
Thursday, 03 August 17
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE GETTING FIXED AROUND MID $8000 - FEARNLEYS
In the Pacific rates have remained weak and under pressure this week with most routes softening.
Indo/China coal rounds are getting fixed arou ...
Thursday, 03 August 17
BUMI RESOURCES COAL SALES RELATIVELY FLAT AT 41.5 MILLION TONS IN 1H' 17; REPORTS US$162.3 MILLION PROFIT IN FIRST SEMESTER
COALspot.com: The BUMI Resources, Indonesia’s one of the largest coal producer, has reported a net income of $162.3 million in 1H’ 17 c ...
Wednesday, 02 August 17
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
During the duration of the first half of the year, the dry bulk market saw intense buying interest that boosted SnP prices significantly. We saw a ...
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Showing 1986 to 1990 news of total 6871 |
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- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- ASAPP Information Group - India
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