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, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
Wednesday, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
|
|
|
Showing 1141 to 1145 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Siam City Cement - Thailand
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- VISA Power Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
|
| |
| |
|
