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