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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, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 30 March 17
WHERE AN AGREEMENT FAILS TO DELIVER - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
Watson Farley & Williams acted for MRI Trading AG in a leading case on ‘agreements to agree’ that was fin ...
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- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Independent Power Producers Association of India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
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