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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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Monday, 31 July 17
THE PORT OF NEWCASTLE SHIPPED 17.08 PERCENT LESS COAL IN JUNE 2017 COMPARED TO ITS MAY LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,442.8 ...
Monday, 31 July 17
THE FREIGHT MARKET DECLINE THIS PAST WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Panamax indexes show a negative trend week over w ...
Friday, 28 July 17
U.S. WEEKLY COAL PRODUCTION UP 1.4% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 27 July 17
CAMPBELL SHIPPING APPOINTS ISS FOR GLOBAL HUSBANDRY REPRESENTATION SERVICES CONTRACT - ISS
COALspot.com: Inchcape Shipping Services (ISS) is delighted to announce that it has secured a global husbandry representation contract with Campbel ...
Thursday, 27 July 17
A VOLATILE WEEK IN THE CAPE MARKET - FEARNLEYS
Supramax
The black sea still performing well although bit fewer fixtures concluded/reported. Rates lie somewhere around 18 -19 on front-haul . Bo ...
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Showing 1991 to 1995 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Parliament of New Zealand
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- White Energy Company Limited
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
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