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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
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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 ...
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Showing 1726 to 1730 news of total 6871 |
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- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Minerals Council of Australia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Economic Council, Georgia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- The University of Queensland
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
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