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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, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
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- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- The University of Queensland
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Australian Coal Association
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- PTC India Limited - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
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