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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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- GMR Energy Limited - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
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