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.
|
|
Friday, 29 June 18
THE LBH GROUP AND RHENUS PLAN TO ESTABLISH A JOINT COMPANY
Press Release: The port services provider, the LBH Group, and the logistics specialist Rhenus, are planning to cooperate closely in the European in ...
Friday, 29 June 18
SUPRAMAX: INDO / CHINA COAL ROUNDS PAYING AROUND USD HIGH 11000 - FEARNLYS
Capesize
Its been an interesting week with a strong demand for ships out of Brazil, making C3 rates remain around USD 19 pmt said Fearnlys in i ...
Friday, 29 June 18
JAPAN'S TOHOKU ELEC, GLENCORE ABANDON APRIL-MARCH COAL CONTRACT TALKS - REUTERS
Japan’s Tohoku Electric Power Co Inc and Glencore Plc have abandoned talks on annual thermal coal supplies after failing to reach an agreemen ...
Wednesday, 27 June 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
After the abolishment of the trade embargo against Iran, there was a lot of optimism from the country’s side, as after quite some time a numb ...
Tuesday, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
|
|
|
Showing 1686 to 1690 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Planning Commission, India
- Rio Tinto Coal - Australia
|
| |
| |
|
