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