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Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and irregular on Jan.13:
380 HSFO – USD/MT – 388.82 (+0.72)
VLSFO – USD/MT – 660.00 (-1.00)
MGO – USD/MT – 702.06 (+0.75)
Meantime, world oil indexes fell on Jan.13 as investors shifted their focus away from easing Mideast tensions to this week’s scheduled signing of an initial U.S.-China trade deal.
Brent for March settlement declined by $0.78 to $64.20 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February fell by $0.96 to $58.08 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.12 to WTI. Gasoil for February delivery lost $16.75.
Today morning global oil indexes do not have any firm trend.
It is expected that the U.S. and China agreement is already largely discounted in the price level, and is unlikely to provide a strong boost to oil prices. A U.S.-China trade deal is due to be signed in Washington on Jan.15. The Trump administration has invited at least 200 people to a ceremony for the signing, but the two nations have not yet finalised details of what will be signed.
This year, Chinese crude oil demand growth could be just half of the estimated growth for 2019, and the lowest growth pace since the financial crisis in 2008. Apparent demand for oil in China—calculated by adding domestic production to net imports and changes to inventories—is set to increase by just 2.4 percent in 2020, less than half the 5.2-percent growth estimated for 2019. the impact of the U.S.-China trade war will continue to be felt in the Chinese economy, whose growth will linger at 6 percent.
Last week, the U.S. House of Representatives voted to curb U.S. President Donald Trump’s power to strike Iran. Meanwhile, in comments to Fox News, Vice President Mike Pence said the Islamic Republic has asked militias in the Middle East not to carry out attacks against U.S. interests. The situation in Iran remained volatile, however, as its citizens protested after the government admitted on Jan.11 that it had mistakenly show down a Ukrainian passenger jet, killing all 176 people on board. Iran’s government said it was forming a working group to probe the crash and compensate victims.
OPEC not only continued to cut its crude oil production in December 2019, but it also managed to reach its deeper-cut target for Q1 2020 a month earlier than planned. As in all previous months, Saudi Arabia overcomplied significantly with its share of the cuts, helping the cartel achieve the new quota effective January a month early (Saudi Arabia’s December oil production was 9.82 million bpd: a way below the December quota of 10.3 million bpd. The Saudis were still compensating for rogue OPEC members Iraq and Nigeria, which, despite cutting their respective production, were still not complying with their December quotas. OPEC’s total crude oil production stood at 29.55 million bpd in December, down by 100,000 bpd compared to November.
Rystad Energy continues to see a downward risk to prices, with further pressure on OPEC to implement even deeper production cuts in order to keep Brent oil prices around $60 per barrel through 2020. Oil prices still react dramatically to news of tensions in the Persian Gulf, although less dramatically now than they would have before the US shale revolution. The importance of the region for oil markets is obvious, given that seven Gulf countries alone – Saudi Arabia, Iraq, UAE, Kuwait, Iran, Oman and Qatar – produced around 24 million bpd of crude oil in December 2019. Rystad Energy forecasts that the ‘call’ on OPEC will average about 28.3 million bpd during the final nine months of 2020. By comparison, OPECs actual production in December 2019 was 29.6 million bpd, and the cartel’s new implied production target for the first quarter of 2020 is 29.2 million bpd.
The Chinese Maritime Safety Administration (MSA) has rooted out two cases of ships using fuel that did not comply with the new IMO 2020 regulations. In statement issued on 10 January, the Standard Club revealed that it had received reports about the incidents. In one case, the ship was under a Port State Control inspection in Qingdao when the MSA verified the use of fuel oil with a sulphur content of .6777% mm. The MSA also found that a ship berthed in Xiamen has been burning non-compliant fuel. The ship had been at berth nearly six days after changing over to compliant fuel – and it is likely that previous high sulphur fuel residue remained in the engine fuel system resulting in emissions over the China ECA limit. It is ‘not clear yet whether the MSA will fine the ships for the IMO 2020 violations.
The International Energy Agency (IEA) said, by 2040, India’s oil consumption is set to increase at the fastest pace than any major economy in the world as the country is becoming increasingly influential in global energy markets. Currently, India is the world’s third largest consumer of oil, the fourth largest oil refiner, and a net exporter of refined products. India’s oil demand growth rate is expected to surpass the growth pace of China in the middle of the 2020s, making India a very attractive market for refinery investment. Besides, India’s oil import dependency is set to rise significantly in coming decades, from an already high dependency of over 80 percent in 2018.
We expect bunker prices may go down today in a range of minus 3-6 USD for IFO and minus 9-15 USD for MGO.
Source: MABUX
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Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
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