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Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
 The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product markets more vulnerable to developments related to the middle of the barrel. In 2017, refining margins weakened in winter and product markets were mainly sustained by firm gasoil demand.
Looking back, European diesel demand growth dropped last winter in 4Q17 from levels observed at the beginning of the year and deteriorated further in 2Q18. The trend in 3Q18 so far confirms market weakness. This general slowdown in the European gasoil market is largely a consequence of the 2015 diesel emissions controversy and higher global oil prices. Hence, in 2018 the European gasoil market has transitioned from the fastest-growing diesel market to the slowest among selected countries shown in Graph 1.
In the US, while heating oil has seen pressure due to substitution by natural gas, demand for middle distillates has nevertheless been strong on healthy economic activity, including manufacturing, construction and freight movement. In the winter of 2017, refinery runs in the US were at record highs due to Hurricane Harvey, though this is not expected to be repeated this winter. Following this year’s driving season, refining margins have begun to decline seasonally, in addition to being pressured by smaller crack spreads, which could lower refinery throughput further in the months to come.
In non-OECD countries, strong economic growth, particularly in India and China, has been supportive of industrial activities, such as heavy equipment operations for mining and farming and power generation, as well as passenger and commercial transportation. Diesel growth in India for 2018 continues to see strong momentum, as well as ongoing improvements in LPG requirements for residential use. In China, LPG and gasoline are the engines of demand growth, with seasonal agricultural activities providing further support for diesel demand in the coming months.
With regard to oil inventories, OECD stocks have witnessed a downward trend since the implementation of the Declaration of Cooperation, with an inventory draw in all product categories compared with a year earlier. As per the latest available data, OECD commercial product stocks stood at 41 mb below the seasonal average.
Looking ahead, based on current market developments, global product markets are projected to see some weakness, compared with the same quarter a year earlier. In Europe, gasoil cracks are expected to continue to come under pressure, as diesel-powered vehicles remain under scrutiny. At the same time, gasoline markets in the region are expected to show some counterseasonal gains, providing moderate support to otherwise softening European product markets.
In the US, the diesel market will be impacted by various factors such as weather conditions during 4Q18 and 1Q19 and the performance of the industrial and construction sectors. Meanwhile, product demand in non-OECD countries, mainly in China and India, is expected to be driven by positive GDP growth projections for those economies. In addition, limitations in refining capacity in Latin America and Africa, due to a lack of investment, will most likely continue to encourage product imports, providing additional support to global gasoline and middle distillate crack spreads. However, the current weakness in some emerging market currencies and subsidy reductions could negatively impact product demand in the emerging markets in the months to come.
Source: OPEC
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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- Bulk Trading Sa - Switzerland
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
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