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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, 07 July 17
EIA ESTIMATES SHOW U.S WEEKLY COAL PRODUCTION UP 1.7 PERCENT
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.9 million short tonn ...
Thursday, 06 July 17
SUPRAMAX: INDO TO INDIA TRIPS WITH DELIVERY THAILAND RANGE IS GIVING OWNERS AROUND MID $8000 - FEARNLEYS
Supramax
Another slow start to the week with somewhat softening rates and few fixtures.
According to Fearnleys Weekly Dry bulk report, the N ...
Thursday, 06 July 17
UNEXPECTED MOVE FROM CHINA BOOSTS COAL PRICES - OIL PRICE
Coal prices have been cooling the last few months — after a spectacular run last year. But news late last week suggests the market is about t ...
Wednesday, 05 July 17
COAL PRICES ROSE IN CHINA, JAPAN AND EUROPE IN 2016 - BP
COALspot.com: Coal prices rose in China, Japan and Europe in 2016 after four years of price declines.
According to bp, the rise in coal prices ...
Wednesday, 05 July 17
TANKER MARKET INSIGHT - KATERINA RESTIS
A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the st ...
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Showing 2011 to 2015 news of total 6871 |
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- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- London Commodity Brokers - England
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
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