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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, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- VISA Power Limited - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
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