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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, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- The University of Queensland
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
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