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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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Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
Monday, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
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Showing 1306 to 1310 news of total 6871 |
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- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
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