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Tuesday, 14 November 17
IN 2018, WORLD OIL DEMAND IS FORESEEN REACHING 1.51 MB/D - OPEC
 Oil Market Highlights - OPEC
The OPEC Reference Basket averaged $55.50/b in October, gaining $2.06 over the previous month and reaching the highest value in more than two-and-a-half years, with a year-to-date average of $50.68/b. Crude futures also reached levels not seen since mid-2015. ICE Brent ended $2.13 higher at $57.65/b, while NYMEX WTI increased $1.72, reaching $51.59/b, keeping the Brent-WTI spread above $6/b. Prices have been supported by rising global demand data and expectations that major producing nations will extend a deal to adjust output and bring the oil market to a balance. Hedge funds raised net long positions in NYMEX WTI and ICE Brent futures and options by 29,456 and 21,592 contracts, respectively, to 281,244 and 530,237 lots. Brent and Dubai remained in backwardation, while the WTI contango eased. Sweet/sour differentials narrowed in Asia and Europe, but widened on the US Gulf Coast.
World Economy
The global economic growth dynamic has continued its momentum, with the forecast for 2017 revised up to 3.7%, from 3.6% in last month’s report. Similarly, the 2018 forecast has been adjusted higher as well to stand at 3.7%, compared to 3.5% in the previous month. Particularly OECD economic growth in 2017 was better than expected so far. The OECD is seen growing by upwardly revised 2.3% in 2017 and 2.2% in 2018. Good momentum – and a potential tax reform – in the US, the ongoing dynamic in the Euro-zone and to some extent in Japan, solid growth in China and India and an improving situation in Russia and Brazil are supporting the growth trend in the short-term.
World Oil Demand
World oil demand growth is expected to rise by 1.53 mb/d in 2017 after an upward adjustment of 74 tb/d to account for the better-than-expected performance of China in 3Q17. In 2018, world oil demand is foreseen reaching 1.51 mb/d, around 130 tb/d higher than in the previous assessment.
World Oil Supply
Non-OPEC oil supply is now projected to grow by 0.65 mb/d y-o-y in 2017, representing a downward revision of 0.02 mb/d from last month’s report. For 2018, growth in non-OPEC oil supply has also been revised down by 0.07 mb/d to stand at 0.87 mb/d. OPEC NGLs and non-conventional liquids are expected to grow by 0.18 mb/d in 2018, following an increase of 0.17 mb/d in 2017. In October 2017, OPEC crude oil production decreased by 151 tb/d, according to secondary sources, to average 32.59 mb/d.
Product Markets and Refining Operations
Product markets in the Atlantic Basin weakened in October due to seasonally-lower gasoline demand following the end of US driving season. Nonetheless, US refining margins have exhibited some improvement y-o-y on the back of firm product demand and amid low stock levels. In Europe, solid middle-of-the-barrel demand offset weakness at the top and bottom. Product markets in Asia also weakened slightly, but remained at healthy levels, supported by the onset of refinery maintenance.
Tanker Market
Sentiment in the dirty tanker market generally strengthened in October, as freight rates for different classes showed improvements on most major trading routes. Average dirty tanker spot freight rates rose 16% compared to the previous month, on the back of improved seasonal tonnage demand, as well as port and weather delays, among other factors. Despite healthy gains in October, the shipping market remains in surplus, capping further increases in spot freight rates. Meanwhile, clean tanker freight rates experienced a relative decline, although remaining above the levels of the same month last year.
Stock Movements
Total OECD commercial oil stocks fell in September to stand at 2,985 mb. At this level, OECD commercial oil stocks are 154 mb above the latest five-year average. Crude and products stocks indicated a surplus of around 129 mb and 25 mb, respectively, above the seasonal norm. In terms of days of forward cover, OECD commercial stocks stood at 62.3 days in September, some 1.9 days higher than the latest five-year average.
Balance of Supply and Demand
Based on the current global oil supply/demand balance, OPEC crude in 2017 is estimated at 33.0 mb/d, around 0.71 mb/d higher than in 2016. OPEC crude in 2018 is estimated at 33.4 mb/d, about 0.46 mb/d higher than in 2017.
Source: OPEC
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Wednesday, 29 November 17
THERMAL COAL MARKETS WERE A LITTLE BIT MORE SUBDUED - DANIEL HYNES, ANZ
Coal prices were stronger, led by gains in coking coal. Premium hard coking coal jumped above USD200/t for the first time in two months, said Danie ...
Wednesday, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
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Showing 1866 to 1870 news of total 6871 |
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- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- The University of Queensland
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
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