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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, 03 February 17
U.S. WEEKLY COAL PRODUCTION DECLINED 3.9% W/W; ROSE 17.7% Y/Y
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 03 February 17
US - EXECUTIVE ORDER ON IMMIGRATION AFFECTS VESSEL CREWS - GARD
From 27 January 2017, crew members carrying Iraqi, Syrian, Sudanese, Iranian, Somalian, Libyan or Yemeni passports are temporarily barred from ente ...
Wednesday, 01 February 17
MARKET INSIGHT - PANOS TSILINGIRIS
The recent placement of LOIs for 208kdwt Newcastlemax Newbuildings at $38.5m at Private Chinese Yard identifies with the modern history low for dry ...
Tuesday, 31 January 17
A CASE OF NEW YEAR BLUES FOR THE FAR EAST? - GEORGE LAZARIDIS
Unlike the typical lull in the market that we note during the period just prior to the Chinese New Year, 2017 has proved to be fairly m ...
Monday, 30 January 17
DUE TO LUNAR YEAR HOLIDAYS, THE FREIGHT MARKET STAYED WEAK
COALspot.com: Due to Lunar year holidays and celebration, the Freight market was down in all segments this past week.
The Baltic Exchange, tra ...
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- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- The University of Queensland
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
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