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Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
 Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Following an initial burst of enthusiasm for the deal, scepticism set in, alongside worries about the global economic background. Prices fell by $10/bbl with Brent crude oil bottoming out on 24 December at just above $50/bbl. For the producers, this was unwelcome, but for consumers it provided a nice present for the holidays. In the US Gulf Coast, gasoline prices in early January averaged $1.89/gal versus the summer peak of $2.79/gal and in India, prices are about 14% below the early October peak. Recently, leading producers have restated their commitment to cut output and data show that words were transformed into actions. In December, OPEC production fell by almost 600 kb/d and Saudi Arabia has signalled that, for its part, further significant cutbacks will take place in January and beyond.
The Brent price has moved back above $60/bbl, so the answer to our question posed last month seems to be a qualified yes, at least for now. However, the journey to a balanced market will take time, and is more likely to be a marathon than a sprint. While Saudi Arabia is determined to protect its price aspirations by delivering substantial production cuts, there is less clarity with regard to its Russian partner. Data show that Russia increased crude oil production in December to a new record near 11.5 mb/d and it is unclear when it will cut and by how much. Other non-OPEC countries joining in the output deal saw higher output, including Mexico.
Elsewhere, there are signs that market re-balancing will be gradual. The trajectory of Iran’s production and exports remains important. In December, total exports increased slightly to over 1.3 mb/d. With US waivers allowing Iran’s major customers to buy higher volumes than was previously thought, more oil will remain in the market in the early part of 2019. Venezuela has seen the collapse of its oil industry slow during the second half of 2018 with production falling recently by about 10 kb/d each month rather than by the 40 kb/d we saw earlier in the year. The level of output in the world’s biggest liquids producer, the United States, will once again be a major factor in 2019. We saw incredible and unexpected growth in total liquids production of 2.1 mb/d in 2018. For this year, we have left unchanged for now our forecast for growth of 1.3 mb/d. While the other two giants voluntarily cut output, the US, already the biggest liquids supplier, will reinforce its leadership as the world’s number one crude producer. By the middle of the year, US crude output will probably be more than the capacity of either Saudi Arabia or Russia.
For oil demand, there is a mixed picture. Falling prices in 4Q18 helped consumers and there are signs that trade tensions might be easing. In many developing countries, lower international oil prices coincide with a weaker dollar as the likelihood of higher US interest rates fades for now. However, the mood music in the global economy is not very cheerful. Confidence is weakening in several major economies. In the short term, there is added uncertainty about oil demand due to the onset of the northern hemisphere winter season, with low temperatures seen in the past few days in many places. For now, we retain our view that demand growth in 2018 was 1.3 mb/d, and this year it will be slightly higher at 1.4 mb/d, mainly due to average prices being below year-ago levels.
In the meantime, refiners face a challenging year. Processing capacity will increase by 2.6 mb/d, the biggest growth for four decades, while margins are already pressured by low gasoline cracks due to oversupply and weak demand. The well-trailed changes to the International Maritime Organisation’s marine fuel regulations due in 2020 are another big issue for some refiners as they seek to find outlets for unwanted high sulphur fuel oil. By the end of the year, all industry players, upstream and downstream, may feel as if they have run a marathon.
Source: IEA
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Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
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Showing 1446 to 1450 news of total 6871 |
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- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
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