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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 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
Friday, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
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Showing 2056 to 2060 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- The University of Queensland
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
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