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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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- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Ambuja Cements Ltd - India
- Planning Commission, India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- VISA Power Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
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