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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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Tuesday, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
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Showing 1536 to 1540 news of total 6871 |
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- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
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