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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- White Energy Company Limited
- Australian Coal Association
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
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