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Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
 Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The current production cut schedule prior to OPECs meeting this past week, was supposed to last until March 2018, however it has come to light that it will now be extended until the end of 2018, in an attempt to prop up prices as many of OPEC’s members continue to feel strain from the low earnings generated by crude oil sales said Gerry Lathrop, Research Analyst at Allied shipping.
Gerry Lathrop further noted, what’s more is that Saudi Arabia, OPEC leading member, has to deal with ARAMCO’s planned IPO in 2018, which could greatly benefit from the higher crude oil prices. At the same time and in order for the Saudi Government to meet their government budget requirements and reduce their reliance on their cash reserves, are looking at a price target of around US$ 60 per barrel. This is contrary to Russia’s stance who would prefer oil prices to remain lower, and apparently would prefer a target of US$ 40 per barrel at the off chance that higher prices cause the US’s shale oil producers to head to the fields again. In addition to this, OPEC members Libya and Nigeria, who were previously exempt from production cuts, have now agreed to also cap production at their 2017 levels.
This of course can have a profound effect on the shipping side, where the mere talks of a production cut has oil traders rushing to their desks to close their next deal. In short, if oil prices start to show a trend of further price gains, oil traders and refiners will rush to book cargoes, so they can price their end products on competitive level and possibly benefit from a better profit margin, increasing demand in the crude market in the very short-term. In the long-term, if the price of oil also goes up, it is likely to dampen overall demand and cause a potential slowdown in trade. This negative effect however tends to be limited given that crude oil has fairly inelastic demand.
According to Gerry Lathrop of Allied, on the non-OPEC side of things, crude oil production in the US has hit a new record production level of 9.7 million barrels per day on average for the week ending November 17th, according to statistics from the US EIA. Similarly, crude oil imports from Venezuela to the Louisiana Offshore Oil Platform (LOOP) for the period of January to November 2017 are around 7 million barrels, which is almost 3 times as much as what we were seeing during the same time frame last year (2.5 million bbls). The main reason for importing so much Venezuelan crude seems to be mainly due to the lack of availability of Saudi Arabian heavy/sour crude resulting from their production cuts. According to US customs data, imports from Saudi are down 45% from 75 million barrels to 42 million barrels for the same 10-month period. This has undoubtedly caused much of the softening in the crude tanker market of late by removing many ton miles from the market.
In any case, it will be interesting to see which direction the market will trend come June of next year, as the tug of war continues between Russia’s stance on lower crude prices and Saudi’s preference for higher prices. We will probably see the price fall somewhere in between these respective price targets during most of 2018, while if prices increases above Saudi’s US$ 60 per barrel, a relatively swift ramp up in US shale oil production should help quickly push things back down. This points to the main risk by both OPEC and Russia, with any further cost efficiencies achieved by US shale producers allowing them to capture a higher market share and even make these production cuts irrelevant to the overall market.
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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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Showing 111 to 115 news of total 6871 |
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- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- The University of Queensland
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
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