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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, 27 January 17
U.S WEEKLY COAL OUTPUT RISES FOR THIRD STRAIGHT WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Wednesday, 25 January 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
Remember that old but classic song called “Destination Unknown”? Well that is where the oil market is heading right now. The song made ...
Tuesday, 24 January 17
MARKET UPDATE - ALLIED
This week at the World Economic Forum in the Swiss resort of Davos we had a historic first via the attendance and speech given by China’s pre ...
Monday, 23 January 17
THE PORT OF NEWCASTLE SHIPPED $AU 15.279 BILLION WORTH OF 161.399 MILLION TONS OF COAL IN 2016
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,453.1 M ...
Monday, 23 January 17
THE FREIGHT MARKET DID NOT CHANGE MUCH AND WAS ALMOST AT SAME LEVELS AS LAST WEEK
COALspot.com: The Freight market did not change much and was almost at same levels as last week.
The Baltic Exchange, tracking rates for ships ...
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- PTC India Limited - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
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