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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, 21 March 17
JAPAN'S RENEWED COMMITMENT TO COAL - BENJAMIN SPORTON
Japan is one of the largest economies in the world, and has long been a major consumer and importer of energy and a leader in energy technology dev ...
Monday, 20 March 17
IS THE DRY BULK INDUSTRY STILL ON TRACK FOR PROFITABILITY IN 2019? - PETER SAND
The industry remains well on target for profitable freight rates in 2019! This relies however, on the projected fleet supply growth rate of 0% in 2 ...
Friday, 17 March 17
U.S WEEKLY COAL OUTPUT VOLUME SLIDES 6.5 PERCENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ton ...
Thursday, 16 March 17
CHINA IMPOSING TOUGHER CONTROLS ON LOW-QUALITY COAL IMPORTS
China is ramping up controls on imports of low-quality coal due to concerns about smog and overcapacity in the world’s top coal consumer, a g ...
Thursday, 16 March 17
CAPESIZE: SHOWING STRENGTH; PANAMAX: VERY QUIET - FEARNLEYS
Supramax
The Atlantic market faced less activity from the USG whereas at the Cont tonnage seemed to tighten up with more cargoes emerging. Despit ...
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- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
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