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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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Friday, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - 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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- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- VISA Power Limited - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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