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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, 05 December 17
THE COKING AND THERMAL COAL RECORDING SMALL GAINS - DANIEL HYNES
Coal markets were higher, with both coking and thermal coal recording small gains, said Daniel Hynes Senior Commodity Strategist at ANZ in his late ...
Tuesday, 05 December 17
WEEKLY US COAL PRODUCTION ESTIMATES DIP WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.1 million short ton ...
Thursday, 30 November 17
CONTEMPLATING COAL'S CONTROVERSY AT COP23 - BENJAMIN SPORTON
Representing the coal industry at climate talks is never going to be an easy proposition. For many people, coal and climate action are incompatible ...
Wednesday, 29 November 17
THE LAST DAYS OF COAL? - ALIBRA SHIPPING
At least 15 countries have joined an international alliance to phase out coal use for power generation before 2030.
Britain, Canada, Denmark, ...
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 ...
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Showing 1861 to 1865 news of total 6871 |
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- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Xindia Steels Limited - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
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