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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, 13 December 17
DEMAND FOR THERMAL COAL LOOKED RELATIVELY ROBUST - DANIEL HYNES
Coal prices were a touch higher. Demand for thermal coal looked relatively robust, after reports continued to surface that Chinese authorities have ...
Wednesday, 13 December 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
As another year is coming to an end and much has been already written about the positive reversal in the dry bulk market, we think it is interestin ...
Monday, 11 December 17
INDIA CONSUMERS ARE SAID TO BE DESPERATELY SEEKING CARGOES - DANIEL HYNES
Coal markets were stronger, as strong demand outside China continues to spur buying said Daniel Hynes, Senior Commodity Strategist at ANZ.
Acc ...
Monday, 11 December 17
CAPESIZE FFA MARKET LOOKING PROMISING MOVING FORWARD - FIS
Capesize
Another very promising day for the big ships as rates continued to firm in both oceans and the paper market ate into the backwardation s ...
Friday, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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Showing 1851 to 1855 news of total 6871 |
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- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
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