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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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Thursday, 28 July 16
FITCH RAISES CORPORATE OIL PRICE ASSUMPTION FOR 2016 TO USD42
Fitch Ratings has raised the 2016 oil price assumptions it uses when rating energy-sector corporates, but expects record high inventories to slow a ...
Thursday, 28 July 16
LAST WEEK ENDING UP WITH BUSIER TONES FOR SUPRAMAXES NOW COOLING DOWN - FEARNLEYS
Supramax
Last week ending up with busier tones for Supramaxes now cooling down as with index being down to 684. Average daily earnings for Supram ...
Wednesday, 27 July 16
RATES FOR THE SMALLER SIZES OVER-PERFORMED THE MARKET LAST WEEK - INTERMODAL
The decline the BDI noted last week was somewhat expected given the fact that the market has been overall firming for almost a month no ...
Tuesday, 26 July 16
NORTH P&I CLUB EXPLAINS HOW TO AVOID CLAIMS FOR SELF-COOKING SOYA BEANS
KNOWLEDGE TO ELEVATE
North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they ...
Monday, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
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- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Planning Commission, India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Posco Energy - South Korea
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