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.
|
|
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
|
|
|
Showing 1591 to 1595 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Planning Commission, India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Minerals Council of Australia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Australian Coal Association
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- The University of Queensland
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
|
| |
| |
|
