We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and traded to its lowest level since July. Meanwhile, NYMEX WTI settled below US$80/bbl for the first time since August. The market is clearly less concerned about the potential for Middle Eastern supply disruptions and is instead focused on an easing in the balance. Prompt time spreads have weakened, suggesting a less tight physical market. And while there are clear demand concerns hovering over the market, supply dynamics have also played a role. For example, Russian seaborne crude oil exports have grown in recent months, which suggests that Russia is not sticking to its additional voluntary cut.
The recent price weakness is likely to lead to growing noise from OPEC+ and in particular from Saudi Arabia. Whilst Saudi Arabia and Russia confirmed that they would continue with their additional voluntary cuts through until the year-end, it is increasingly likely that they will extend this into the new year if this downward pressure continues. The Saudis would like to keep Brent above US$80/bbl, as this is roughly where their fiscal breakeven price is. Our oil balance shows that the market will be in surplus in 1Q24, so further cuts are something we could certainly see.
The weakness seen yesterday is likely to continue today. The API released inventory numbers overnight which were bearish. US crude oil inventories increased by 11.9MMbbls over the last week, while Cushing crude oil stocks grew by 1.1MMbbls. For refined products, gasoline inventories fell by 400Mbbls and distillate fuel oil stocks increased by 1MMbbls. The more widely followed EIA inventory report will be released later today.
In the EIA’s latest Short-Term Energy Outlook, there was little change to US crude oil production estimates. US crude oil output is expected to average 12.9MMbbls/d this year, up 1MMbbls/d YoY, while supply growth is expected to be much more modest next year, increasing by less than 250Mbbls/d to average 13.15MMbbls/d
Chinese October trade data released yesterday showed a fall in the trade surplus last month with weaker exports. However, imports were stronger, including crude oil. Crude oil imports averaged 11.58MMbbls/d in the month, up 3.7% MoM and 13.5% higher YoY. This leaves cumulative imports for the year at 11.41MMbbls/d, up 14.4% YoY. Stronger imports over the course of this year may reflect a recovery in domestic demand, while there will also be a fair amount of stock building.
Metals – China boosts gold reserves
China expanded its gold reserves for a twelfth straight month in October, according to the latest data from the People’s Bank of China (PBoC). The country raised its gold reserves by around 23 tonnes to a total of 2,215 tonnes last month. China has added about 266 tonnes of gold in the last twelve months through October. In general, central bank demand over the third quarter has been strong, because of the geopolitical environment, and with this uncertainty set to linger, we are likely to see central banks continuing to add to their holdings in the coming months.
China released its preliminary trade data for metals yesterday which shows total monthly imports for unwrought copper jumped 23.7% YoY (+4% MoM) to 500.2kt in October due to declining domestic inventories and firm demand. However, cumulative imports are still down 6.7% YoY to total 4.49mt over the first ten months of the year as stronger domestic production weighed on overseas purchases. Imports of copper concentrate rose 11.3% YoY to 2.31mt last month, while year-to-date imports rose 9.2% YoY to 22.6mt. In ferrous metals, iron ore imports rose 4.6% YoY to 99.4mt in October, however, were down almost 2% MoM as steel output declined following the seasonal slump in construction activity. Cumulative iron ore imports are up 6.5% YoY to 975.8mt.
On the export side, China’s unwrought aluminium and aluminium product shipments fell 8.1% YoY to 440.3kt last month, while year-to-date exports declined 17% YoY to 4.7mt over the first ten months of the year. Meanwhile, exports of steel products jumped 34.8% YoY to 74.7mt during Jan’23-Oct’23.
Agriculture – Chinese soybean imports surge
The latest trade numbers from China show that soybean imports rose 25% YoY to 5.2mt in October as domestic crushers increased purchases taking advantage of higher supplies from Brazil. Cumulative imports rose 14.6% YoY to 82.4mt over the first ten months of the year.
Weekly data from the European Commission show that soft wheat shipments for the season so far fell 25% YoY to 9.95mt as of 2 November. Morocco, Algeria, and Nigeria were the top destinations for these shipments. The commission added that corn imports over the same period stood at 5.8mt, down 43% compared to a year ago. Weaker corn imports reflect a recovery in EU corn production this season.
Source: ING
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
|
|
|
Showing 541 to 545 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- London Commodity Brokers - England
|
| |
| |
|
