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Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
 Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed their upward trend since August 20th.
Brent futures have been trading higher over the past couple of weeks, with hurricane Ida idling US Gulf oil production and providing support. In addition, traders saw a buying opportunity following the OSP price cuts into Asian refineries. Positive news on Covid developments and also Chinese data suggesting crude oil inventories stand at the lowest level since June 2020 are also interpreted as bullish for oil consumption and economic momentum ahead.
Numerous countries in Asia Pacific are easing certain Covid-19 restrictions, such as Thailand, New Zealand and Hong Kong, while the South African variant slowed in August according to scientists, all supporting oil demand expectations. Generally, Europe has emerged as a “center of strength” for road fuels demand as the economies opened during the summer period, where people have naturally used more road transportation vs air during the travel season. Nevertheless, according to real time traffic data, European road fuels demand dropped by around 5% or 3-400,000 bpd m/m in August that had a slow start, from the recent peak in July. However, recent news are positive for Brent as European traffic has been picking up by two percent over the past two weeks. Overall, global road traffic congestion levels continue to pick up over the past two weeks, a trend that has emerged since mid-August. Robust gasoline demand and low inventories in both sides of the Atlantic Ocean also lend support to light-sweet crude benchmarks such as Brent.
Additionally, we have noted that the Chinese crude imports rose to a five-month high of 10.5 million bpd in August, driven by state backed oil refineries. The question is whether this trend in China’s crude imports will remain upwards in the coming months. That is a difficult question to answer, as it also depends on government policies on quotas and use of strategic reserves, as per analysts’ consensus.
The Asian market seems to have the potential for an increase in crude oil imports from Middle East as OPEC+ releases production, while US crude oil production is lagging behind along with refinery activity after the recent hit of Hurricane Ida. The hurricane Nicholas following this week is yet to show its effect, but overall it looks like the oil supply tightness in the West is exacerbating, which increases the call on OPEC+ to satisfy rising crude oil demand projected through the 4th quarter of the year.
By Apostolos Rompopoulos,
Tanker Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 11 June 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
Tuesday, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
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- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
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