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 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
|
| |
| |
|
