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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
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Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
Wednesday, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
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Showing 1421 to 1425 news of total 6871 |
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- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Planning Commission, India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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