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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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Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Agrawal Coal Company - India
- The University of Queensland
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
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