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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, 24 February 17
US WEEKLY COAL OUTPUT ESTIMATED AT 16.8 MMST - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 23 February 17
ULTRA SUPRAMAX: INDONESIA TO INDIA IS GETTING AROUND $10-11K BASIS SINGAPORE DELIVERY
Supramax
The week started off quietly in the Atlantic with more activity in the Pacific basin.
According to Fearnleys weekly report, frontha ...
Wednesday, 22 February 17
TANKER MARKET INSIGHT - KATERINA RESTIS
In 2016 a session of the IMO committee in London, set the new prerequisites effective from January 2020, which will necessitate global Sulphur cont ...
Tuesday, 21 February 17
INDIA'S JANUARY COAL IMPORTS DECLINE 21.7 PERCENT YEAR -ON-YEAR TO 14.31 MT - PTI
Coal imports declined by 21.7 per cent to 14.31 million tonnes in January as the power utilities did not lift much fuel due to abundant stock avail ...
Tuesday, 21 February 17
CHINESE EXPORTS SHOWED A YEAR-ON-YEAR RISE FOR THE FIRST TIME IN TEN MONTHS; S. KOREA'S EXPORTS UP FOR PAST THREE MONTHS IN A ROW - GEORGE LAZARIDIS
We have started to some sparks of life in the commodities markets these past weeks, with prices having shown a strong push during the past couple o ...
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- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
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