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Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
 Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared with previous years. Oversupply and growing economic headwinds are weighing down heavily on oil worldwide. According to the U.S. Energy Information Administration (EIA), Brent crude oil prices are forecast to average $35/b in summer 2016, $21/b lower than last summer. The monthly average spot price of Brent crude oil increased by $2/b in June to $48/b, which was actually the highest monthly average for Brent since October 2015. This was the fifth consecutive increase in the monthly average Brent price, the longest such stretch since May through September 2013.
In the U.S., commercial crude oil weekly inventories have increased by more than 71 million barrels (15%) since the end of September 2015, pushing crude oil storage capacity utilization to a near record high according to EIA. The large increase in crude oil storage capacity in the States between September 2015 and March 2016 was prompted by increased demand for crude oil storage as global supply has outpaced global demand for most of the past two years.
In S.E. Asia, predominantly Singapore and Malaysia, the volumes of oil stored at sea also appear to have increased significantly. There is still a large fleet of VLCCs off Singapore anchored in nearby areas for storage use. There is a major concern that there is still a considerable quantity of physical crude oil stored in the area especially during the last few months.
This is actually the fourth time during the last three decades, that we have a major crash in oil prices. OPEC countries today, refuse to actually cut back or agree to limit production in order to boost prices. In the past, that tactic was a good solution but today OPEC is facing its own challenges. For Saudi Arabia and the remaining Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar and United Arab Emirates), which together account for around 40% of the world's oil reserves and the lion's share of OPEC's collective output, their future oil strategy should be an exclusively GCC affair, away from the stress and dysfunction of OPEC. We see huge developments and the continued existence of OPEC being in peril.
The conflict within the OPEC group over a coordinated cut in output has led to intense international pressure on Saudi Arabia. The meeting of oil producers in Doha in April basically led to more claims of Saudi Arabia’s intolerance, despite the fact that Saudi Arabia has the largest excess oil capacity in the world by an enormous degree.
We have, in fact, passed the point where OPEC's key member Saudi Arabia can any longer dictate oil prices. Saudi Arabia might have hinged on the respect it received from OPEC members, which gave it control over OPEC outputs and de-facto control of 40% of world oil output, way more than its share.
That status quo guaranteed a steady oil supply which, in turn, fueled economic exchanges and progress during the last half-century with an unprecedented increase in prosperity worldwide. We are now transitioning to a time where open trading on world markets has more impact on oil prices than the attempts of OPEC to establish artificial restricted supply.
By Christopher Whitty
Commercial Manager - Towage & Port Agency
Cotzias Intermodal Shipping Inc.
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
Monday, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
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- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Minerals Council of Australia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
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