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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 February 17
SHIPPING MARKET INSIGHT - INTERMODAL
Looking at the state of the Dry Bulk market exactly a year ago, there is no doubt that there is a significant improvement and despite the fact that ...
Tuesday, 14 February 17
OPTIMISM HAS STARTED TO SLOWLY FLOW BACK INTO THE DRY BULK MARKET - GEORGE LAZARIDIS
Optimism has started to slowly flow back into the dry bulk market, with many in the market showing renewed optimism as the Pacific basin starts to ...
Monday, 13 February 17
COMBINED COAL SALES OF BUMI RESOURCES ROSE TO 87.7 MILLION TONS IN FY'16; UP 10.6 PERCENT Y/Y
COALspot.com: Combined Coal Sales of Bumi Resources rose to 87.7 million tons in FY’16 compared with 79.3 million tons in FY’15. ...
Monday, 13 February 17
THE FREIGHT MARKET CONTINUED TO TUMBLE IN FEBRUARY
COALspot.com: The Freight market was continued its downfall in all segments except Panamax for the week ending 10 February 2017.
The Balt ...
Friday, 10 February 17
U.S. COAL OUTPUT IS ESTIMATED TO HAVE DECLINED BY 158 MMST IN 2016 TO 739 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
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- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- White Energy Company Limited
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
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