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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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- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
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