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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, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- The University of Queensland
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
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