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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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Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- London Commodity Brokers - England
- The University of Queensland
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
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