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