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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
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Thursday, 04 January 18
SUPRAMAX: INDO TO CHINA WERE FIXED AT AROUND $8K DAILY; DOWN AROUND 27% WOW
Supramax
Q1 kicked off with an usual standby with all counterparts waiting for the market to take direction. Further holidays in East-Europe adde ...
Wednesday, 03 January 18
KOMIPO TO BUY 130K TONS OF MIN. 5700 NAR COAL FOR FEB 2018 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130k Metric Tons of min. 5700 NAR coal to be burnt a ...
Friday, 29 December 17
PORT OF NEWCASTLE SHIPPED A$ 1.527 BILLION WORTH OF 12.65 MT OF COAL IN NOVEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1527.6 M ...
Friday, 29 December 17
U.S WEEKLY COAL PRODUCTION SLIGHTLY UP FOR THE WEEK ENDING 23 DEC, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tons ...
Wednesday, 27 December 17
SULPHUR EMISSIONS: THE OUTSTANDING CHALLENGES - UK P&I CLUB
The International Maritime Organization (IMO) has been working to reduce the harmful impacts of shipping on the environment.
It adopted Annex ...
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Showing 1836 to 1840 news of total 6871 |
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- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
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