We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
 The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, or 5.2%, m-o-m to $79.21/b, while the NYMEX WTI first-month contract fell by $3.49, or 4.5%, m-o-m to average $73.37/b. The DME Oman first-month contract fell by $3.63, or 4.4%, m-o-m to settle at $78.34/b. The front-month ICE Brent/NYMEX WTI spread narrowed in March by 84¢ m-o-m to average $5.84/b. The futures forward curves of ICE Brent and DME Oman flattened slightly in March, but remained in backwardation. However, the NYMEX WTI price structure remained in contango, although the nearest time spread contracted m-o-m. Hedge funds and other money managers heavily cut bullish positions in ICE Brent and NYMEX WTI last month.
World Economy
The world economic growth forecast for 2022 is revised up slightly to 3.3%, given better-than-anticipated economic performance in 2H22 in various key economies. The 2023 global economic growth forecast remains unchanged at 2.6%. For the US, the economic growth forecast is unchanged at 2.1% for 2022 and 1.2% for 2023. Similarly, the Euro-zone’s economic growth forecast remains at 3.5% for 2022 and 0.8% for 2023. Japan’s economic growth forecast for 2022 remains at 1%, while growth for 2023 is revised down to 1% from 1.2%. China’s economic growth forecast remains at 3% for 2022 and 5.2% for 2023. India’s 2022 economic growth estimate remains at 6.7%, with the forecast for 2023 at 5.6%. Brazil’s economic growth estimate remains at 2.9% for 2022 and is also unchanged at 1% for 2023. Russia’s contraction estimate is unchanged at 2.1% in 2022 and is expected to be followed by a smaller contraction of 0.5% in 2023, unchanged from last month. Although some growth momentum from 2H22 is expected to carry over into 1H23, the global economy will continue to navigate through challenges including high inflation, higher interest rates particularly in the Euro-zone and the US, and high debt levels in many regions.
World Oil Demand
The world oil demand growth estimate for 2022 remains at 2.5 mb/d, broadly unchanged from last month’s assessment. For 2023, it is also unchanged from the last month’s assessment at 2.3 mb/d. There are minor downward adjustments reflecting the latest developments in the OECD region, primarily in OECD Americas and OECD Europe. However, the stronger-than-expected demand seen in non-OECD in January and February necessitated some upward revisions. Oil demand in the OECD is forecast to increase by 0.1 mb/d in 2023, while the non-OECD is forecast to grow by 2.2 mb/d
World Oil Supply
The non-OPEC liquids supply growth estimate for 2022 remains at 1.9 mb/d, broadly unchanged from the previous month’s assessment. The main drivers of liquids supply growth for 2022 were US, Russia, Canada, Guyana, China and Brazil, while the largest declines were from Norway and Thailand. For 2023, non-OPEC liquids supply growth remains broadly unchanged from last month and is forecast to grow by 1.4 mb/d. The main drivers of liquids supply growth are expected to be the US, Brazil, Norway, Canada, Kazakhstan and Guyana, while the decline is expected primarily in Russia. Large uncertainties remain over the impact of the output prospective for US shale in 2023. OPEC NGLs and non-conventional liquids are forecast to grow by 0.1 mb/d in 2022 to average 5.4 mb/d and by 50 tb/d to average 5.4 mb/d in 2023. OPEC-13 crude oil production in March dropped by 86 tb/d m-o-m to average 28.80 mb/d, according to available secondary sources.
Product Markets and Refining Operations
In March, refinery margins regained limited ground, following sharp losses seen the previous month. A contraction in product balances in the Atlantic Basin, due to the onset of heavy refinery maintenance along with product output declines in France due to a nationwide energy workers strike action, led to pressure on product inventories over the month and provided support for product crack spreads. In addition, a decline in feedstock prices further contributed to stronger refinery margins across all main regions. Global refinery processing rates fell further in March, losing nearly 259 tb/d, according to preliminary estimates. In the coming month, refinery intakes are expected to remain under pressure on strong offline capacity, which is projected to peak in the coming month.
Tanker Market
Dirty spot freight rates continued to improve in March, with m-o-m gains across most monitored routes. VLCCs saw the sharpest increase, rising by 45% on the Middle East-to-East route, as renewed buying from China strengthened rates. Suezmax spot freight rates remained at high levels, up 20% m-o-m on the US Gulf-toEurope route. Aframax rates rebounded from the previous month’s decline, with spot freight rates on the intra-Med route up 23% m-o-m. In the clean tanker market, West of Suez spot freight rates were at 29%, supported by strong performance in the Mediterranean. East of Suez rates fell 10% on average m-o-m, amid a winding down of winter product demand in the Far East.
Crude and Refined Products Trade
Preliminary data shows US crude exports set a fresh record high of 4.8 mb/d in March, while US product exports rebounded to average 6.3 mb/d. China’s crude imports in February partially recovered from the decline at the start of the year to average around 10.7 mb/d. China’s product exports also picked up, averaging a robust 1.7 mb/d. India’s crude imports were at their strongest in over 10 months, averaging just shy of 5.0 mb/d in February. India’s product exports also returned to relatively robust levels, averaging 1.4 mb/d. Japan’s crude imports were broadly unchanged m-o-m at 2.7 mb/d in February. Japan’s product exports, including LPG, hit a five-month high in February. Preliminary estimates for March show crude and refined product imports into OECD Europe declining as a workers’ strike in France disrupted port activities and refinery operations, curtailing trade
flows.
Commercial Stock Movements
Preliminary February 2023 data shows total OECD commercial oil stocks increase by 14.1 mb m-o-m. At 2,865 mb, they were 237 mb higher than the same time one year ago and 18 mb higher than the latest fiveyear average, but 54 mb below the 2015–2019 average. Within components, crude stocks increased m-o-m by 20.9 mb, while product stocks fell by 6.8 mb m-o-m. At 1,434 mb, OECD crude stocks were 172 mb higher than the same time a year ago, and 49 mb higher than the latest five-year average, but 14 mb lower than the 2015–2019 average. OECD product stocks stood at 1,432 mb, representing a surplus of 65 mb from the same time a year ago, though they were 30 mb lower than the latest five-year average and 40 mb below the 2015–2019 average. In terms of days of forward cover, OECD commercial stocks rose m-o-m by 1.0 day in February to stand at 62.9 days. This is 4.9 days above the February 2022 level, but 1.8 days less than the latest five-year average and 0.3 days higher than the 2015–2019 average.
Balance of Supply and Demand
Demand for OPEC crude in 2022 remained unchanged from last month’s assessment to stand at 28.4 mb/d. This is around 0.5 mb/d higher than in 2021. Demand for OPEC crude in 2023 also remained unchanged from the previous assessment to stand at 29.3 mb/d. This is around 0.8 mb/d higher than in 2022.
Source: OPEC
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
|
|
|
Showing 86 to 90 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Australian Coal Association
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Parliament of New Zealand
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
|
| |
| |
|
