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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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Monday, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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Showing 1451 to 1455 news of total 6871 |
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- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- MS Steel International - UAE
- White Energy Company Limited
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- The University of Queensland
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
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