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, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
|
|
|
Showing 1636 to 1640 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Australian Coal Association
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
|
| |
| |
|
