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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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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Deloitte Consulting - India
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