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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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Tuesday, 07 November 17
DRY BULK SHIPPING: TAKE GOOD CARE OF THE RECOVERY SAYS PETER SAND
Demand:
Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In Septembe ...
Tuesday, 07 November 17
COAL MARKETS WERE RELATIVELY BUOYANT - DANIEL HYNES
Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
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Showing 1891 to 1895 news of total 6871 |
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- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
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