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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 February 17
CHINA SUSPENDS COAL IMPORTS FROM NORTH KOREA FROM 19 FEB
COALspot.com: China is suspended coal imports from North Korea until December 2017. China says it will suspend all imports of coal from North Korea ...
Monday, 20 February 17
OCEAN FREIGHT RATES SLIGHTLY UP WEEK OVER WEEK
COALspot.com: The Freight market was firmed up this past week. The Panamax segment was declined for the week ending 17 February 2017.
The Balt ...
Friday, 17 February 17
U.S. COAL PRODUCTION SLIPS SLIGHTLY WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million sh ...
Thursday, 16 February 17
CAPE MARKET HAVE EXPERIENCED A STRONG DOWNTURN - FEARNLEYS
Supramax
Market has shifted sides from Atlantic to Pacific, where Atlantic is now lagging behind with little action and sliding indices, notably ...
Thursday, 16 February 17
IF I PLAN TO UNDERTAKE A CHARTERPARTY WITH AN UNFAMILIAR ENTITY, WHAT STEPS CAN I TAKE TO ENSURE THE CHARTERER WILL PAY THEIR HIRE? - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Due to the difficult conditions currently existing in the shipping market, particularly in the offshore sector, Members a ...
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- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- PTC India Limited - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
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