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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- PTC India Limited - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Planning Commission, India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
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