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Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
 Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing some support to product crack spreads and refining margins. With most refineries now back online in all main regions, refinery intakes have risen steadily, to stand some 1.0 mb/d higher in September compared to the same month last year.
As a result of new refining capacity over the last year, refinery runs during winter are likely to reach new record highs, leading to potentially higher supply in the product markets. At the same time, economic headwinds pointing to a slowdown in manufacturing in the OECD may result in a possible decline in consumption of heavier fuels, weighing on the outlook for product markets over the winter season, while increased competition from ethane and LPG may also bite into demand for products including naphtha and transport fuels. In the US, gasoil consumption is expected to receive support from the manufacturing, construction and freight sectors.
Moreover, a seasonal pick up in heating oil demand this winter is expected, despite increasing substitution by natural gas. Jet fuel markets should also remain supported by an uptick in travel activities, particularly in the holiday season. In contrast, the seasonal decline in gasoline demand in the winter months will once again weigh on prices and ultimately refining economics (Graph 1). This may result in higher gasoline exports in 4Q19 to prevent strong inventory builds and to keep gasoline prices stable. Naphtha crack spreads will also come under pressure and suffer losses as strong LPG output, and lower LPG prices in the US continues to compete with naphtha.
US oil demand growth by main petroleum products, mb, y-o-y change In Europe, the slowdown in transportation fuel demand will continue representing a challenge to product markets. Despite a slight pick-up in gasoline consumption in 1H19, mainly in France, unfavourable economic fundamentals have dampened demand in Germany. Moreover, a mild pick up in gasoline powered vehicle sales observed in France, Italy and Spain has been offset by a decline in overall car sales. The pressure in Europe’s product markets could be further exacerbated by new cracking and other upgrading projects in Russia and Belarus, which is projected to increase regional transport fuel production by the end of 2019.
Furthermore, data reflects a declining trend in product demand in the fourth quarter, particularly for naphtha and residual fuel. In Asia, gasoil markets will remain supported by industrial and transportation demand. However, product balances will most likely soften compared with the previous year, once all refineries restore their operation activities in 4Q19, resulting in excess product supply, particularly for gasoline. Concerning the IMO 2020, a combination of declining heavy crude availability, increased refinery conversion capacity, growing appetite for heavy crude, and stricter sulphur limits on marine bunker fuel are likely to lead to rising prices for low sulphur fuel oil (LSFO). At the same time, the declining availability of high sulphur fuel oil (HSFO) could also hold up prices for that product to some degree.
Together with a mismatch in terms of quality between available and required crude slates for refinery intake, this could provide limited support to processing rates as refineries will have to resort to higher intakes to boost fuel oil or compliant marine fuel production. Graph 2: OECD Europe oil demand growth by main petroleum products, mb, y-o-y change Looking ahead, factors such as the onset of the winter season, healthy demand for middle distillates in Asia, and preparations for IMO should support middle-to-heavy product markets in the coming months. At the same time, uncertainties regarding the global economic outlook, declining car sales and fuel substitution programmes in Europe, and higher products supply from Asia could limit the upward trend in the product markets this winter.
Source: OPEC
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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
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Showing 1226 to 1230 news of total 6871 |
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- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Parliament of New Zealand
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- White Energy Company Limited
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Australian Coal Association
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
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