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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, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
Wednesday, 22 November 17
THERMAL COAL WAS FLAT AMID CONCERNS OF FURTHER GOVERNMENT INTERVENTION IN CHINA, SAYS DANIEL HYNES
Coal prices were mixed. Thermal coal was flat amid concerns of further government intervention in China, said Daniel Hynes Senior Commodity Strateg ...
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Showing 1866 to 1870 news of total 6871 |
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- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- PTC India Limited - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
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