We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
 Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by 640 kb/d y-o-y in 3Q19, the biggest contributor to global growth. In 4Q19, we expect further acceleration in global growth to 1.9 mb/d, supported by a comparison with a weak 4Q18, lower y-o-y prices and robust US petrochemical demand. Our global growth forecasts for 2019 and 2020 are unchanged, at 1 mb/d and 1.2 mb/d, respectively.
Global oil supply rose 1.5 mb/d in October as Saudi Arabian production returned to normal and on increases from Norway, Canada and the US. OPEC crude oil production was 29.9 mb/d. At 101 mb/d, world oil supply was 1.2 mb/d below year-ago levels with OPEC down 2.5 mb/d. Non-OPEC output growth is set to increase from 1.8 mb/d this year to 2.3 mb/d in 2020. The call on OPEC crude in 2020 is estimated at 28.9 mb/d, 1 mb/d below current production.
Sluggish refining activity in the first three quarters of 2019 contributed to a 0.3 mb/d decline in crude oil demand y-o-y. For 2019 as whole, crude demand is likely to decline for the first time since 2009, albeit by only 90 kb/d. This partly explains the relative weakness of crude prices for most of 2019. Throughput growth is expected to resume in 4Q19 and continue through 2020.
After increasing for five consecutive months, OECD commercial stocks drew 38.9 mb in September to 2 944 mb. They were 21.5 mb above the five-year average and covered 60.7 days of forward demand, one day below the average. Preliminary data for October showed total stocks falling in the US and Europe, while inventories gained in Japan. Floating storage of crude oil fell 6 mb in October to 64.1 mb. The number of Iranian VLCCs used for storage increased by 1 to 27.
ICE Brent futures prices were boosted by positive news on the US-China trade talks and reached $62/bbl in late October. Oil markets are showing increasing signs of transitioning to the new IMO regulations and HSFO cracks collapsed to ten-year lows. Record high freight rates supported the price of crudes with shorter delivery times to Asia.
Pausing to reflect
The IEA’s World Energy Outlook 2019 published this week highlights the increasing disparity between the calm oil market of today and heightened geopolitical tensions. The calmness is supported by a well-supplied market and high inventories. This may continue into 2020 because non-OPEC countries will grow their production by 2.3 mb/d. The US will lead the way but there will also be significant growth from Brazil, Norway and barrels from a new producer, Guyana.
Global refinery activity is expected to rebound sharply in 2020, after a pause in growth this year. While our oil demand growth estimate for 2019 is essentially unchanged at 1 mb/d, the volume of crude oil used by refiners and for direct burn in power generation declined by 300 kb/d through 3Q19. Even after a seasonal surge in refinery runs in 4Q19, crude oil demand for 2019 as a whole is still expected to decline by 90 kb/d, the first drop since 2009. This reflects the cyclical nature of refining that overproduces in some years and then slows down to clear product stock overhang.
A ramp up in refining activity in 2020 sets the stage for a hopefully smooth implementation in January of the International Maritime Organisation’s new bunker fuel regulations. Ports, ship owners and refiners have stepped up their preparations. Major bunker hubs such as Fujairah, Rotterdam and Singapore are reported to have large volumes of compliant fuel available. In the case of Singapore, one of the world’s two Ultra Large Crude Carriers is being used to store low sulphur fuel oil (LSFO) and marine gasoil offshore. Meanwhile, the price of high sulphur fuel oil (HSFO) is nose-diving with cracks in Rotterdam falling under -$30/bbl, the lowest in over 10 years. The LSFO-HSFO spread in North West Europe blew out to almost $30/bbl in late October from just under $3/bbl last year. Nevertheless, compliant supplies may not be available in sufficient quantities in smaller ports and for smaller ships, perhaps creating some dislocations.
For 2020, our estimate for oil demand growth is unchanged at 1.2 mb/d, based partly on the International Monetary Fund’s expectation of 3.4% GDP growth. However, the health of the global economy remains uncertain in spite of recent positive news about the US-China trade dispute. This year, we are seeing a big difference in demand growth in the two biggest oil markets. In the US, there has been almost no growth in the first three quarters of 2019, while China has grown by 0.6 mb/d on average. Moving into 2020, US growth is expected to pick up to 190 kb/d while China slows to 375 kb/d.
The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month. However, a continuously well-supplied market will lend support to a fragile global economy.
Source: IEA
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
|
|
|
Showing 1431 to 1435 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- ASAPP Information Group - India
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
|
| |
| |
|
