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.
|
|
Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
|
|
|
Showing 1626 to 1630 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
|
| |
| |
|
