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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
 Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s outcome is a psychological blow for the market, as the steep plunge in oil prices shows.
“And the market is now facing the spectre of unrestrained production once the current OPEC+ agreement expires in March.
“However, we do not think Saudi Arabia will push hard to lift their output in the northern hemisphere spring.
“Given weak demand and the likelihood this weakness will persist into the second quarter, it will be hard for any producer to increase their output sharply once the original production deal expires at the end of this month.”
Demand risks
She added: “One factor to bear in mind is that the plunge in demand we saw in Q1 was created by circumstances in China. The country’s coronavirus (Covid-19) containment measures have been far more stringent than those imposed anywhere else, and are not likely to be copied elsewhere.
“The lack of a production deal carries risk. This would become apparent if global economic growth weakens and oil demand continues to contract more sharply than expected thanks to the double whammy of coronavirus containment measures and falling GDP.”
Hittle said: “Our current projection sees global liquids demand fall by 2.7 million b/d year-on-year in the first quarter of 2020, the first year-on-year decline on a quarterly basis since Q2 2009.
“It is the most severe decline since Q4 2008, the height of the 2008-2009 global economic crisis, which saw demand tumble by 2.8 million b/d year-on-year.”
Hittle said: “If the impact the coronavirus has had on global oil demand is sustained, then by the second half of the year we’d expect to see weaker GDP. This will have a far greater impact on oil demand than just temporary reductions in jet fuel and gasoline demand.
“A longer, sustained outbreak of coronavirus threatens to hit oil demand with a double whammy: already weak demand will soften further because of containment measures, and this will weaken GDP.”
What next?
What does this mean for OPEC and OPEC+? It would mean that the group would likely need to monitor economic indicators closely. It may even mean that they could be forced to call an emergency meeting during the second quarter.
She added: “A sustained bout of low oil prices will further reduce cash flow and investment into the US oil patch, causing further hits to Lower 48 production growth later this year. It takes at least six to nine months for reductions in spend to lead to lower oil production in the US Lower 48.
“In that time, their access to capital may be limited and their free cash flow badly hit.
“The only silver lining in a very dark cloud is for refining – the sector will be hit hard by weak demand, but it is at least saved from tightening crude differentials associated with a major cut in OPEC supplies.”
Source: Wood Mackenzie
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Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 20
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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- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- White Energy Company Limited
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Videocon Industries ltd - India
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