We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
 The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effectiveness of sanctions against Iran and Venezuela. Production by OPEC countries in March was 2.2 mb/d lower than in November and now there is uncertainty concerning Libya. Production by non-OPEC producers in 1Q19 was 0.7 mb/d lower than in 4Q18. This turnaround in supply has contributed to a dramatic increase in prices, with Brent crude rising from $50/bbl at the end of December to more than $70/bbl today.
Tightness in the oil market, however, is not just a supply story. In recent months, the resilience of demand has received less attention than the vicissitudes of production, but it is very important too. Data for 2018 is still incomplete but we can be confident that demand growth was about 1.3 mb/d. As far as 2019 is concerned, amongst the analyst community there is an extraordinarily wide divergence of view as to how strong growth will be. We maintain our forecast of 1.4 mb/d, but accept that there are mixed signals about the health of the global economy, and differing views about the likely level of oil prices.
In terms of real numbers for 2019, although it is still early days the major centres of oil demand growth are performing strongly. In China, the economy seems to be reacting to the government’s stimulus measures with purchasing managers’ indices increasing and export orders recovering, although there are signs that air cargo volumes might be falling. Preliminary oil demand numbers for the January-February period show solid growth of 410 kb/d year-on-year. Elsewhere, demand was strong in the same period, with India growing by 300 kb/d, and the US, which continues to be supported by the petrochemical sector, by 295 kb/d.
Although the main sources of growth are doing well, there are mixed signals from elsewhere. Overall demand in the OECD countries fell by 0.3 mb/d y-o-y in 4Q18, the first such fall for any quarter since the end of 2014, and it is likely to have fallen again in 1Q19 due to weakness in some European economies, with perhaps more to come if there is a disorderly Brexit. There are uncertainties in Argentina and Turkey and signs of only modest demand recovery in the Middle East despite the stimulus provided by rising crude oil prices. Concerns about trade talks linger, and the mood will be influenced by the recent downgrade to global GDP growth by the International Monetary Fund, although it should be noted that the IMF does not expect a recession in the near term. Clearly, oil prices at $70/bbl for Brent, are less comfortable for consumers than they were at the start of the year and the IEA has regularly warned of the dangers of prices rising even higher. Only time will tell if our current demand forecast proves accurate, but the risks are currently to the downside.
When the first Vienna Agreement to cut oil production was made in 2017, progress was measured by total OECD stocks falling to the five-year average level. The second Agreement is underway, and data for February show that stocks are above the average by 16 mb. However, in terms of days of forward demand cover, which is a more relevant assessment, they are below it, and have been for some time. Incidentally, it is worth mentioning middle distillate stocks, particularly in light of January’s implementation of new International Maritime Organisation fuel specifications. If half the increase in marine gasoil demand resulting from the regulations were in OECD countries, about 540 kb/d, current middle distillate stocks would represent 29.3 days of forward cover, about 3.5 days below the average.
The oil market shows signs of tightening as we move into 2Q19, but we see mixed signals in terms of the outlook for demand and whether stock levels are yet “normal”.
Source: IEA
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
|
|
|
Showing 876 to 880 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Planning Commission, India
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
|
| |
| |
|
