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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Vedanta Resources Plc - India
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