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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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Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
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- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
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