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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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- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Planning Commission, India
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
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