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 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
|
|
|
Showing 1386 to 1390 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- The University of Queensland
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
|
| |
| |
|
