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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Georgia Ports Authority, United States
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
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