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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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Wednesday, 15 March 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
Over the past two weeks, the Dry Baltic Index has been on an upward trend, breaking the 1000 point mark and creating a positive sentiment for the u ...
Tuesday, 14 March 17
ORDERBOOK-TO-FEET RATIO DECREASING; THE FREIGHT MARKET IMPROVING
It seems as though the renewed optimism that has arisen from the recent upward trends being noted in the freight market, the dry bulk market has be ...
Monday, 13 March 17
PORT OF NEWCASTLE HAS SHIPPED 11.563 MILLION TONS COAL IN FEBRUARY 2017; DECLINED 12.19 PERCENT M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,4 ...
Monday, 13 March 17
INDO - INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 10 March 17
ESTIMATED U.S. COAL PRODUCTION ALMOST FLAT WEEK ENDED MARCH 4, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- MS Steel International - UAE
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
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