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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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Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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Showing 1311 to 1315 news of total 6871 |
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- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- The University of Queensland
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
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