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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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Wednesday, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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Showing 1411 to 1415 news of total 6871 |
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- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- PTC India Limited - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Parry Sugars Refinery, India
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