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.
|
|
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
|
|
|
Showing 1576 to 1580 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Romanian Commodities Exchange
|
| |
| |
|
