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