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.
|
|
Monday, 07 May 18
SOUTH KOREA STATE-OWNED UTILITY KOREA MIDLAND POWER ISSUED A TENDER FOR 1 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 mt of min. 5700 NAR coal of Australian origi ...
Monday, 07 May 18
GLOBAL COAL DEMAND ROSE ABOUT 1% IN 2017; ASIA ACCOUNTED FOR THE LARGEST INCREASE IN COAL DEMAND, UP 35 MTOE RELATIVE TO 2016 - IEA
Global coal demand rose about 1% in 2017, reversing the declining trend seen over the last two years. This growth was mainly due to demand in Asia, ...
Friday, 04 May 18
ELECTRICITY GENERATION FROM RENEWABLES WAS SECOND ONLY TO COAL IN 2017 - IEA
World electricity demand increased by 3.1 %, significantly higher than the overall increase in energy demand. Together, China and India accounted f ...
Thursday, 03 May 18
SUPRAMAX: INDO - CHINA COAL ROUNDS ARE PAYING IN THE LOW-MID $12000 BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
As expected a slow and uneventful start to the week with holidays in many countries, however by mid-week some fresh requirements and pos ...
Tuesday, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
|
|
|
Showing 1726 to 1730 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- White Energy Company Limited
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Australian Coal Association
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- PTC India Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
|
| |
| |
|
