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.
|
|
Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
|
|
|
Showing 1066 to 1070 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
|
| |
| |
|
