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