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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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Thursday, 05 May 16
DRY BULK MARKET ON REVERSE MODE, AS HOLIDAYS AROUND THE WORLD HURT DEMAND - HELLENIC SHIPPING NEWS
The dry bulk market’s recent rally has been put on a temporary hold, as various holidays around the world have put a stop in it. In its lates ...
Wednesday, 04 May 16
COAL IMPORTS: A VOLATILE MATTER OR STILL POWERING DOWN? - CLARKSONS
Chinese coal imports decreased significantly in 2014-15, and so far in 2016 the pace of decline appears to have slowed, with imports even recording ...
Wednesday, 04 May 16
IS THE DRY BULK MARKET OUT OF THE WOODS YET, OR NOT? - HELLENIC SHIPPING NEWS
Things are beginning to brighten up in the beleaguered dry bulk market, which is riding on a multi-week rally to find itself around the “psyc ...
Wednesday, 04 May 16
POWER - WEEK: REAL EXAMPLES AND CASE STUDIES
POWER WEEK
7 - 11 November 2016, PARKROYAL on Beach Road Hotel, Singapore
www.power-week.com
Overview
Designed for the global e ...
Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
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- ASAPP Information Group - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Planning Commission, India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
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