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