We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
 Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down for the month. Price declines were mainly due to worries that the ongoing global trade disputes would lower oil demand, strengthening US dollar, US stock builds and reported supply increases. ICE Brent was $1.11 lower at $73.84/b compared to the previous month, while NYMEX WTI was down $2.74 at $67.85/b and DME Oman dropped 24¢ to $72.67/b. However, year-to-date (y-t-d) ICE Brent was still $19.86 higher at $72.00/b, while NYMEX WTI increased by $17.12 to $66.42/b and DME Oman was up $18.70 at $69.55/b. The Brent-WTI spread widened to average $6.00/b. Speculative net long positions ended mixed, with those of NYMEX WTI lower. As for market structure, the backwardation in Dubai remained unchanged, while that of WTI eased. The contango structure for Brent for the rest of the year deepened amid increasing supplies. The discount of sour to sweet crudes decreased due to an anticipated tightening of sour crude, while sweet crude availability was ample.
World Economy
The global GDP growth forecast remains at 3.8% for 2018 and 3.6% for 2019. In the OECD, growth in the US is assessed unchanged at 2.9% in 2018 and 2.5% in 2019. Euro-zone growth remains at 2.0% for 2018 and 1.9% for 2019. GDP growth in Japan is revised down by 0.1 pp to 1.1% in both 2018 and 2019. Meanwhile, in the non-OECD, India’s forecast is revised up to 7.6% for 2018, while remaining unchanged at 7.4% for 2019. China’s GDP growth remains at 6.6% for 2018 and 6.2% for 2019. Growth in Brazil is revised down by 0.4% to reach 1.2% in 2018, but a rebound to 2.0% is anticipated in 2019. Russia’s GDP growth forecast is also revised lower to 1.6% in 2018 and down to 1.7% in 2019.
World Oil Demand
In 2018, world oil demand is expected to grow by 1.62 mb/d, a minor downward revision from last month’s projection. In the OECD region, oil demand saw healthy growth in all three main OECD regions, particularly in the Americas over 1H18. In contrast, the non-OECD region, mainly Latin America and the Middle East, saw weaker oil requirements in 1H18 as well as slower economic projections, which has led to a net downward revision of 20 tb/d from last month’s report. Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d, a minor downward adjustment of 20 tb/d from the previous month’s assessment, mainly reflecting the less optimistic economic projections in the non-OECD regions of Latin America and the Middle East compared to last month. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
World Oil Supply
Non-OPEC oil supply in 2018 is expected to grow by 2.02 mb/d, a downward revision of 64 tb/d. The US, Canada, Kazakhstan the UK, and Brazil remain to be the main drivers for growth, while Mexico and Norway are projected to show the largest declines. Total non-OPEC supply for 2018 is now estimated at 59.56 mb/d. Non-OPEC oil supply in 2019 is forecast to grow by 2.15 mb/d, a minor upward revision of 17 tb/d. The US, Brazil, Canada, and the UK are expected to be the main growth drivers, while Mexico and Norway remain to be the largest declines. Non-OPEC supply is now forecast to average 61.71 mb/d for the year. OPEC NGLs in 2018 and 2019 are 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 August, OPEC crude oil production increased by 278 tb/d to average 32.56 mb/d, according to secondary sources.
Product Markets and Refining Operations
Refinery margins at all main trading hubs recorded gains in August as several refinery outages prompted product supply disruptions, which led to strengthening at the top and middle of the barrel. In the US, product markets strengthened, supported mainly by higher product exports, particularly to Latin America. In Europe, declining Amsterdam-Rotterdam-Antwerp product inventories resulted in tighter product balances, which provided substantial support to refining margins. Meanwhile in Asia, refining margins strengthened on the back of lower refinery intakes caused by unplanned shutdowns and bullish market sentiment.
Tanker Market
In August, dirty vessel spot freight rates increased by 5% on average compared to a month earlier. This was mainly driven by higher freight rates for VLCC and Aframax, while average Suezmax freight rates showed a decline. Enhanced activity and delays on the US Gulf Coast (USGC) and Asia supported freight rates in August. In the clean tanker market, spot freight rates remained under pressure as high vessel availability continued, while tonnage demand remained limited, therefore resulting in rate declines in both the eastern and western directions of Suez.
Stock Movements
Data for July showed that total OECD commercial oil stocks rose by 8.1 mb m-o-m, standing at 2,830 mb, which is 194 mb lower than a year ago and 43 mb below the latest five-year average, but remain 260 mb above the January 2014 level. Compared to the latest five-year average, crude stocks indicated a deficit of 0.2 mb, while product stocks witnessed a deficit of 43 mb. In terms of days of forward demand cover, OECD commercial stocks rose by 0.1 days m-o-m in July to stand at 59.1 days, which is 2.3 days below the latest five-year average.
Balance of Supply and Demand
In 2018, demand for OPEC crude is expected at 32.9 mb/d, which is 0.5 mb/d lower than in the previous year. In 2019, demand for OPEC crude is forecast at 32.1 mb/d, around 0.9 mb/d lower than a year earlier.
Source: OPEC
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
|
|
|
Showing 1606 to 1610 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
|
| |
| |
|
