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, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the la ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
|
|
|
Showing 1681 to 1685 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- PTC India Limited - India
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- The University of Queensland
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
|
| |
| |
|
