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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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Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
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Showing 1321 to 1325 news of total 6871 |
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- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- The University of Queensland
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
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