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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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Friday, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
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Showing 1856 to 1860 news of total 6871 |
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- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- The University of Queensland
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
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