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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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Thursday, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
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