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.
|
|
Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
|
|
|
Showing 1336 to 1340 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
|
| |
| |
|
