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Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
 Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude futures also declined on concerns about growing oil output and high crude inventories in the US. ICE Brent ended 6.2% lower at $52.54/b, while NYMEX WTI decreased 7.1% to $49.67/b. The BrentWTI spread widened to $2.86/b, supporting US crude oil exports. Hedge funds liquidated their large net long positions in crude, contributing to the sharp drop in oil prices.
World Economy
The momentum in global economic growth has been improving resulting in an upward revision in the 2017 forecast to now stand at 3.3% from 3.2% previously, while growth for 2016 remains at 3.0%. OECD growth in 2017 remains at 1.9%, with the US and Euro-zone seeing no revisions. Japan’s 2017 growth forecast was revised up to 1.2% from 1.1% previously. China’s 2017 growth was also revised higher to 6.3% from 6.2%, while India’s forecast remains at 7.0%. Russia’s 2017 growth was revised up to 1.2% from 1.0%, while the forecast for Brazil is unchanged at 0.5%.
World Oil Demand
World oil demand growth in 2016 was kept broadly unchanged at 1.38 mb/d, averaging 95.05 mb/d. For 2017, oil demand growth is anticipated to be around 1.27 mb/d, following an upward revision of 10 mb/d to average 96.32 mb/d. The ‘Other Asia’ group – which includes India – is anticipated to lead oil demand growth in 2017, followed by China and OECD Americas. OECD Asia-Pacific is the only region anticipated to see a decline in oil demand in 2017.
World Oil Supply
Non-OPEC oil supply is estimated to have averaged 57.32 mb/d in 2016, representing a contraction of 0.69 mb/d y-o-y following a minor downward revision of 30 tb/d. In 2017, non-OPEC oil supply is projected to grow by 0.58 mb/d, following an upward revision of 176 tb/d due to higher than expected growth in the US and lesser contractions in Colombia and China, to average 57.89 mb/d. The US supply growth forecast was revised up by 0.20 mb/d to stand at 0.54 mb/d. OPEC NGLs and non-conventional oil production is forecast to grow by 0.13 mb/d in 2017, following growth of 0.14 mb/d in 2016. In March, OPEC production decreased by 153 tb/d, according to secondary sources, to average 31.93 mb/d. Product Markets and
Refining Operations
Product markets exhibited a mixed performance in the Atlantic Basin, as the lack of export opportunities for gasoline amid increasing inflows of middle distillates impacted the European market. Meanwhile, stronger domestic gasoline demand in the US ahead of the transition to summer grades lent strong support to refinery margins. In Asia, the lack of arbitrage amid increasing inflows into the region weighed on the market despite the onset of the spring refinery maintenance season.
Tanker Market
The tanker market showed a mixed pattern in March. VLCCs exhibiting an average decline of 23% m-o-m in spot rates on its various trading routes, as the tonnage availability remained abundant. In contrast, Suezmax and Aframax rates increased m-o-m by 13%, and 6%, respectively, mainly due to transit delays in the Turkish Straits, discharge delays in the east, and occasional tightening in tonnage supply. The market experienced higher monthly freight rates for clean tankers on most reported routes.
Stock Movements
Total OECD commercial oil stocks fell in February to 2,987 mb to now stand 268 mb above the latest five years average. Crude and product stocks indicated a surplus of around 227 mb and 41 mb, respectively. In terms of days of forward cover, OECD commercial stocks stood at 64.2 days, some 4.6 days higher than the latest five-year average Balance of Supply and Demand
Demand for OPEC crude in 2016 now stands at 31.7 mb/d, which is 1.9 mb/d higher than the 2015 level. In 2017, demand for OPEC crude is projected at 32.2 mb/d, around 0.6 mb/d higher than the 2016 level.
Source: OPEC
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Wednesday, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
Wednesday, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
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- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
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