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.
|
|
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
Sunday, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
|
|
|
Showing 131 to 135 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- The University of Queensland
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
|
| |
| |
|
