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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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Wednesday, 19 July 17
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Referring back to a previous Intermodal insight that was written in the first quarter of 2017, the author at the time had claimed that MR tanker ra ...
Tuesday, 18 July 17
CHINA'S ECONOMY HAS BOOSTED OPTIMISM IN THE MARKET - GEORGE LAZARIDIS
COALspot.com: China’s economy has boosted optimism in the market as its recently announced GDP growth for the second quarter of the year exce ...
Friday, 14 July 17
IMPORTED COAL IS STILL A SAFE AND RELIABLE SOURCE OF ENERGY IN GERMANY - VDKI
COALspot.com: Imported coal is still a safe and reliable source of energy in Germany. World coal mining has reached a high plateau, but not yet a t ...
Friday, 14 July 17
U.S. WEEKLY COAL-OUTPUT IN SIGNIFICANT DECLINE, EIA FIGURES SHOW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.4 million short tonn ...
Thursday, 13 July 17
BELT AND ROAD SHIPPING INDICES OFFICIALLY RELEASED - XINHUA
COALspot.com: The Shanghai Shipping Exchange (SSE) Tuesday officially launched the Belt and Road shipping indices to track freight trade data among ...
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Showing 2001 to 2005 news of total 6871 |
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- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- The University of Queensland
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- PTC India Limited - India
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