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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, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Planning Commission, India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- White Energy Company Limited
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
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