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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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Wednesday, 14 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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Showing 1806 to 1810 news of total 6871 |
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- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Planning Commission, India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
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