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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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Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
Wednesday, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
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- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Minerals Council of Australia
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