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.
|
|
Sunday, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
|
|
|
Showing 1231 to 1235 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- White Energy Company Limited
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
|
| |
| |
|
