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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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Friday, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
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- Xindia Steels Limited - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
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