We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
 Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed movement over the month, while US oil inventories continued to drain, particularly in Cushing,
Oklahoma. ICE Brent averaged 99¢ m-o-m lower at $74.95/b, while NYMEX WTI rose $3.26 m-o-m to $70.58/b. Year-to-date (y-t-d), ICE Brent is $19.53 higher at $71.72/b compared to the same period a year earlier, while NYMEX WTI climbed $16.70 to $66.20/b. The ICE Brent/NYMEX WTI spread narrowed by $4.25/b to $4.37/b in July. Speculative net long positions ended the month lower, particularly for ICE Brent.
The Dubai market backwardated structure eased again, while Brent flipped into contango for the remainder of the year. In the US, WTI backwardation increased significantly for the second successive month. Apart from the USGC costal grades, the global sour discount to sweet crudes increased due to a surplus of sour crudes.
World Economy
The global GDP growth forecast remains at 3.8% for 2018 and 3.6% for 2019, unchanged from the previous assessment. After a strong 2Q18, US growth was revised up by 0.1 pp in both 2018 and 2019, reaching 2.9% and 2.5%, respectively. Euro-zone growth slowed and the forecasts were revised down by 0.2 pp to 2% for 2018 and by 0.1 pp to 1.9% in 2019. Growth in Japan remains at 1.2% in 2018, and the same level is projected for 2019. India’s forecasts are unchanged at 7.3% for 2018 and 7.4% for 2019. After solid growth in 1H18, China’s growth forecast was revised up by 0.1 pp to now stand at 6.6% for 2018 and remains at 6.2% for 2019.
Growth in Brazil was revised down by 0.1 pp, reaching 1.6% in 2018, but a mild rebound to 2.1% is anticipated in 2019. Russia’s GDP growth forecast remains unchanged at 1.8% in both 2018 and 2019.
World Oil Demand
In 2018, oil demand growth is anticipated to increase by 1.64 mb/d, 20 tb/d lower than last month’s projections, mainly due to weaker-than-expected oil demand data from Latin America and the Middle East in 2Q18. Total oil demand is anticipated to reach 98.83 mb/d. For 2019, world oil demand is forecast to grow by 1.43 mb/d, also some 20 tb/d lower than last month’s assessment. Total world consumption is anticipated to reach 100.26 mb/d. The OECD region will contribute positively to oil demand growth, rising by 0.27 mb/d y-oy, yet with growth of 1.16 mb/d, non-OECD nations will account for the majority of growth expected.
World Oil Supply
Non-OPEC oil supply in 2018 was revised up by 73 tb/d from the previous MOMR to average 59.62 mb/d, representing an increase of 2.08 mb/d y-o-y. The main reason for this upward revision was an adjustment for the Chinese supply forecast due to the higher-than-expected oil output in 1H18. Non-OPEC oil supply in 2019 is projected to reach an average of 61.75 mb/d, indicating an upward revision by 106 tb/d, mostly due to a re-assessment of the Chinese supply forecast for the next year. However, y-o-y growth was revised up by only 34 tb/d, to average 2.13 mb/d, owing to downward revisions in the US and Australian supply forecasts. The US, Brazil, Canada, the UK, Kazakhstan, Australia and Malaysia are the main growth drivers; while Mexico and Norway are expected to see the largest declines. The 2019 forecast remains subject to many uncertainties. OPEC NGL production in 2018 and 2019 is expected to grow by 0.12 mb/d and 0.11 mb/d to average 6.36 mb/d and 6.47 mb/d, respectively. In July, OPEC production increased by 41 tb/d to average 32.32 mb/d, according to secondary sources.
Product Markets and Refining Operations
In July, US margins recorded solid losses as crack spreads for all products with the exception of fuel oil declined, due to weaker fundamentals and higher feedstock costs. Strong middle distillate stock builds and an all-time record breaking jet fuel output further pressured USGC refining margins. In Europe, product markets recorded moderate gains on the top and bottom of the barrel, supported by firm exports outweighing losses seen in the middle of the barrel. Meanwhile, product markets in Asia strengthened, supported by robust gasoline demand from India, lower fuel oil arrivals from Europe and lower crude prices, which led to reduced feedstock costs for refiners, while gasoil output in China hit new highs.
Tanker Market
Dirty tanker spot freight rates declined on average in July. This was mainly on the back of the continued weak trend persisting in the market across all classes. VLCC spot freight rates declined on all reported routes, while Suexmax spot freight rates remained flat, suffering from limited activity in general. Aframax saw mixed freight rates; however, average rates went down, pressured by the drop seen in the Caribbean and despite a firmer market in the Mediterranean. Clean tanker average spot freight rates declined as a result of lower freights West of Suez. Generally, the market remained uneventful, with limited demand on tonnage.
Stock Movements
Preliminary data for June showed that total OECD commercial oil stocks fell by 12.8 mb m-o-m to stand at 2,822 mb. This was 197 mb lower than seen during the same time one year ago, and 33 mb below the latest five-year average. However, OECD commercial oil stocks remain 251 mb above the January 2014 level. In terms of days of forward cover, OECD commercial stocks fell in June to stand at 58.8 days, which is 2.1 days lower than the latest five-year average.
Balance of Supply and Demand
In 2018, demand for OPEC crude is expected at 32.9 mb/d, 0.6 mb/d lower than the 2017 level. In 2019, demand for OPEC crude is forecast at 32 mb/d, around 0.8 mb/d lower than the 2018 level.
Source: OPEC
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
|
|
|
Showing 1631 to 1635 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- The University of Queensland
- White Energy Company Limited
- ASAPP Information Group - India
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
|
| |
| |
|
