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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
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Friday, 09 February 18
COAL BUYERS SPOOKED BY INDONESIA'S NEW SHIPPING RULES - ASSOC
Buyers of Indonesian coal are holding back orders of the fuel after the government issued new shipping rules for coal and crude palm oil that would ...
Thursday, 08 February 18
ENHANCED PRODUCTION BY COAL INDIA LIMITED HELPS DECLINE IN COAL IMPORTS - UNION MINISTER OF RAILWAYS AND COAL
According to press release from PIB, as per the current import policy, coal is kept under Open General License (OGL) and consumers are free to impo ...
Thursday, 08 February 18
A NEW WEEK WITH A SOFT SENTIMENT AND DECREASING RATES IN BOTH HEMISPHERE FOR THE PANAMAXES, SAYS FEARNLEYS
Supramax
USG dropping remarkably due to lack of fresh enquiry both for fhaul and bhaul, Supras were fixed from USG to Spore-Japan range now aroun ...
Wednesday, 07 February 18
INDONESIAN COAL PRICE REFERENCE RISES TO HIT THIRTEEN-MONTH HIGH OF $100.69 A TON
COALspot.com: The Indonesian Coal Price Reference (HBA) rose 5.39 per cent in February 2018, the latest ministerial decree showed.
The benchma ...
Wednesday, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure ...
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Showing 1811 to 1815 news of total 6871 |
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- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
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