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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, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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Showing 1516 to 1520 news of total 6871 |
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- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Renaissance Capital - South Africa
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- MS Steel International - UAE
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
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