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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, 23 January 18
OIL MARKET ANALYSIS - ALLIED
Brent oil futures hit a three year high on January 16th touching around USD 70.30 before falling back down to around USD 68.60 at the Time of this ...
Friday, 19 January 18
U.S. WEEKLY COAL OUTPUT WAS 13.5 MMST FOR THE WEEK ENDING JANUARY 13, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.5 million short tons ...
Thursday, 18 January 18
WORLD TRADE IN HARD COAL RISES BY 1.5% IN 2017 - KOHLENIMPORTEURE
Press Release: World Trade in Hard Coal Rises by 1.5% in 2017. German Steam Coal Imports Plummet by 15% in 2017 – in Contrast to Other Sector ...
Wednesday, 17 January 18
SHIPPING MARKET INSIGHT - INTERMODAL
As we are now well into the first month of 2018, the mood across the entire offshore industry undeniably remains rather positive following the oil ...
Monday, 15 January 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO WEAK THIS WEEK - VISTAAR
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
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Showing 1826 to 1830 news of total 6871 |
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- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Minerals Council of Australia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
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