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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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Monday, 06 November 17
THE THERMAL COAL MARKET CAME UNDER SOME PRESSURE AS THE OUTLOOK FOR DEMAND WEAKENED - DANIEL HYNES
Commodities were mixed as investors grappled with a revised tax plan in the US amid a rising USD said Daniel Hynes in his linked in post.
Acco ...
Monday, 06 November 17
THE FREIGHT MARKET WAS CONTINUED TO SOFTEN THIS PAST WEEK; BCI DOWN 184 POINT WEEK OVER WEEK
COALspot.com: The freight market was continued to soften this past week compared to the previous week, as BDI and all segments except Panamax index ...
Friday, 03 November 17
U.S. COAL PRODUCTION FELL WEEK-OVER-WEEK, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.5 million short ton ...
Wednesday, 01 November 17
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
As it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Noneth ...
Tuesday, 31 October 17
BALTIC DRY INDEX TAKES A BREAK FROM ITS UPWARD RALLY COURSE - GEORGE LAZARIDIS
It has been a week of corrections for the dry bulk freight market as it seems as the general Baltic Dry Index takes a break from its upward rally c ...
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Showing 1896 to 1900 news of total 6871 |
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- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- The University of Queensland
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Australian Coal Association
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- White Energy Company Limited
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