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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, 08 February 17
MARKET INSIGHT - PANOS MAKRINOS
The challenges the oil market has witnessed since the end of 2014 has resulted in a crisis for the global offshore oil and gas exploration industry ...
Tuesday, 07 February 17
WE ARE STILL RIDING ON A WAVE OF MARKET IMPROVEMENT, WITH THE GLOBAL TRADE OF MOST COMMODITIES STILL SHOWING SIGNS OF IMPROVING GROWTH - GEORGE LAZARIDIS
The end of 2016 came with a rejuvenated sentiment amongst most traders and investors, in part through the sigh of relief that 2016 was finally comi ...
Monday, 06 February 17
AFTER MONTHS OF GAINS, THE INDONESIAN GOVERNMENT DECLARED MONTHLY COAL BENCHMARK PRICE IS STEADILY DROPPING
COALspot.com: Over the past two months, the HBA of Indonesian thermal coal has dropped around 18.06 percent. It sank to $ 83.32 per ton for Februar ...
Monday, 06 February 17
THE FREIGHT MARKET CONTINUED ITS DOWNFALL IN ALL SEGMENTS
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was declined in all segments week ending 27 January. The fall was cont ...
Friday, 03 February 17
KOMIPO INVITES BIDS FOR 1.13 MILLION TONS OF BITUMINOUS COAL FOR Q2' 17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 1,130,000 Metric Tons of Bituminous coal f ...
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- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Parliament of New Zealand
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