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Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
 Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reached in the beginning of the year, buoyed by expectations for an improving market situation, despite the current persistent oversupply. Oil futures surged more than 8%, with ICE Brent up $3.55 to average $43.34/b, while Nymex WTI rose $3.16 to $41.12/b.
World Economy
World economic growth is forecast at 3.1% in 2016, after estimated growth of 2.9% last year, both unchanged from the previous month. OECD growth in 2016 remains at 1.9%, slightly below the 2.0% seen in 2015. In the emerging economies, India and China continue to expand this year at a considerable level of 7.5% and 6.5%, respectively, with China having been revised up by 0.2 pp after a better-than-expected 1Q16. Brazil and Russia, however, are forecast to remain in recession this year, contracting by 3.4% and 1.1% respectively, with Brazil having been revised down by 0.5 pp.
World Oil Demand
World oil demand in 2015 grew by around 1.54 mb/d, unchanged from last month’s report. Total oil consumption averaged 92.98 mb/d. In 2016, world oil demand is projected to rise by 1.20 mb/d to reach 94.18 mb/d, unchanged from last month’s projections, despite upward revisions to Other Asia, which were counterbalanced by downward revisions to Latin America and China.
World Oil Supply
Non-OPEC oil supply growth for 2015 has been revised up slightly to 1.47 mb/d for an average of 57.14 mb/d. For 2016, non-OPEC oil supply was adjusted lower to average 56.40 mb/d, contracting by 0.74 mb/d. The estimate for OPEC NGLs and non-conventional oils in 2015 has been revised down by 20 tb/d based on direct communication to show a rise of 0.13 mb/d to average 6.13 mb/d. Growth in 2016 has also been adjusted lower to 0.16 mb/d to average 6.29 mb/d. In April, OPEC crude oil production rose 188 tb/d to average 32.44 mb/d, according to secondary sources.
Product Markets and Refining Operations
Product markets in the US were supported by strong domestic gasoline demand amid tightening sentiment due to some outages and maintenance. In Europe, higher export opportunities for gasoline ahead of the driving season lent support to refinery margins. Meanwhile, Asian margins weakened despite peaking refinery maintenance in the region as the oversupply in middle distillates weighed on product markets.
Tanker Market
Dirty tanker spot freight rates declined on the back of lower VLCC and Aframax freight rates as tonnage availability grew while market activity remains limited. Suezmax spot freight rates improved in April supported by strong sentiment for several destinations combined with an occasionally tight position list. In the clean tanker market, West of Suez activities supported freight rates, while East of Suez rates remained weak.
Stock Movements
OECD commercial oil stocks fell in March to stand at 3,049 mb. At this level, OECD commercial oil stocks are around 361 mb above the latest five-year average. Crude inventories showed a lower surplus of 215 mb, while products were broadly flat at 146 mb. In terms of forward cover, OECD commercial stocks stood at 66.8 days, some 7.5 days higher than the latest five-year average. Balance of Supply and Demand Demand for OPEC crude in 2015 is estimated to average 29.7 mb/d, unchanged from the previous month and 0.1 mb/d lower than the previous year. In 2016, demand for OPEC crude is projected at 31.5 mb/d, unchanged from the previous report and 1.8 mb/d higher than last year.
Source: OPEC
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Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- The University of Queensland
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
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