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.
|
|
Tuesday, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
|
|
|
Showing 1691 to 1695 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
|
| |
| |
|
