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