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.
|
|
Thursday, 06 July 17
SUPRAMAX: INDO TO INDIA TRIPS WITH DELIVERY THAILAND RANGE IS GIVING OWNERS AROUND MID $8000 - FEARNLEYS
Supramax
Another slow start to the week with somewhat softening rates and few fixtures.
According to Fearnleys Weekly Dry bulk report, the N ...
Thursday, 06 July 17
UNEXPECTED MOVE FROM CHINA BOOSTS COAL PRICES - OIL PRICE
Coal prices have been cooling the last few months — after a spectacular run last year. But news late last week suggests the market is about t ...
Wednesday, 05 July 17
COAL PRICES ROSE IN CHINA, JAPAN AND EUROPE IN 2016 - BP
COALspot.com: Coal prices rose in China, Japan and Europe in 2016 after four years of price declines.
According to bp, the rise in coal prices ...
Wednesday, 05 July 17
TANKER MARKET INSIGHT - KATERINA RESTIS
A war of words blasted last month as the UAE, S. Arabia, Egypt and Bahrain revealed that they are experiencing severe diplomatic issues with the st ...
Wednesday, 05 July 17
TROUBLE SEEMS TO BE LOOMING ONCE MORE IN THE STEEL INDUSTRY - GEORGE LAZARIDIS
Trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for th ...
|
|
|
Showing 2011 to 2015 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Australian Coal Association
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- White Energy Company Limited
|
| |
| |
|
