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Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
 This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 on 5 March. Meanwhile, new and revised data shows a modest tightening of the balance in the early part of 2018, but the main message remains unchanged from last month and it is very clear: in 2018, fast rising production in non-OPEC countries, led by the US, is likely to grow by more than demand. For now, the upward momentum that drove the price of Brent crude oil to $70/bbl has stalled; partly due to investors taking profits, but also as part of the corrections we have seen recently in many markets. Most importantly, the underlying oil market fundamentals in the early part of 2018 look less supportive for prices.
Our demand growth estimate for 2017 remains strong at 1.6 mb/d, reinforced by November data for the US. For 2018, the more positive global economic picture published by the International Monetary Fund is a key factor in raising our growth outlook to 1.4 mb/d. It was thought that the significant increase in the dollar price of crude oil since the middle of 2017 would dampen growth, and this might be the case to some extent, but the impact of higher prices has been partly offset in some countries by currency appreciations.
It is clear that strong demand growth in 2017, alongside a modest increase last year in non-OPEC output, and the cuts made by leading producers, has contributed to the extraordinarily rapid fall in OECD oil stocks. A year ago, they were 264 mb above the five-year average and now they are only 52 mb in excess of it, with stocks of oil products actually below the benchmark. Although the OECD is not the whole world, the leading oil producers who agreed to cut output identified the level of the group’s stocks as an indicator of the progress of their initiative. With the surplus having shrunk so dramatically, the success of the output agreement might be close to hand. This, however, is not necessarily the case: oil price rises have come to a halt and gone into reverse, and, according to our supply/demand balance, so might the decline in oil stocks, at least in the early part of this year.
The main factor is US oil production. In just three months to November, crude output increased by a colossal 846 kb/d, and will soon overtake that of Saudi Arabia. By the end of this year, it might also overtake Russia to become the global leader. All the indicators that suggest continued fast growth in the US are in perfect alignment; rising prices leading, after a few months, to more drilling, more completions, more production, and more hedging. In early 2018, the situation is reminiscent of the first wave of US shale growth that, riding the tide of high oil prices in the early years of this decade, made big gains in terms of market share and eventually in 2014 forced a historic change of policy by leading producers. Today, having cut costs dramatically, US producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth. This is a sobering thought for other producers currently sitting on shut-in production capacity and facing a renewed challenge to their market share. Another sobering thought is that it is not just a matter of production: trade patterns are changing. Recently we read of a shipment of condensate from the US to the UAE. Such a development would have seemed incredible a few years ago, now it looks like the shape of things to come.
The components of the oil market balance are dynamic and a lot can change in the next few months: the deteriorating situation in Venezuela is one obvious candidate, and the apparent buoyancy of the global economy could deliver higher demand growth than we currently anticipate. As a result, prices could be maintained at recent levels even as US production rises. If so, most producers will be happy, but if not, history might be repeating itself.
Source: IEA
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Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of se ...
Tuesday, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
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Showing 1766 to 1770 news of total 6871 |
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- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Planning Commission, India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
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