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.
|
|
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
|
|
|
Showing 1406 to 1410 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
|
| |
| |
|
