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Wednesday, 31 May 17
MARKET INSIGHT - KONSTANTINOS KAKAVITSAS
 In the next episode of the oil market; The market reacts to OPEC’s production cut extension, the US shale oil producers are ruining the cartel’s plan to manipulate the oil price, money managers’ positions reverse and finally, USA versus Iran! Stay tuned to find out more about the intriguing action taking place in the oil market.
Goliath. When the first production cut agreement was agreed by OPEC oil producers last November, WTI crude surged 12% within a trading week noting its biggest gains in 6 years. On the contrary, the agreement during last week’s meeting in Vienna, to extend the cut for another nine months failed to cause a rally in oil prices. Instead, both WTI and the global benchmark Brent slid on the 25th of May signaling not only that the extension was already priced in the commodity’s price but also further pessimism from the investing community. It seems that the mighty cartel will need more than announcements to meet its target price of $60/bbl. But guess who does stand in its way.
David. That’s correct. US shale oil producers have more than doubled their operating rigs from the previous year’s lowest point. Amid the highest production levels since August 2015, inventories hitting record numbers on March 2017 and new technologies that allow for a lower breakeven point in operating expenses, shale producers did not stay idle. But what is probably the best countermeasure that they took lies in the financial markets. Taking advantage of the price rally that occurred from announcements that the cartel traditionally uses to stimulate the market, they hedged their physical positions when the oil price has hit more than $50/bbl, a point assuring them profitability. So effectively, OPEC’s strategy proved somewhat unsuccessful as it helped save the sector it originally tried to eliminate!
Big Short. Another notable player sitting in the oil market’s table is smart money. Money managers’ positions demonstrate a rather bearish picture as bets against oil in both futures and options markets hit record highs. Moreover, consecutive cuts in net-long positions in WTI and Brent holdings, further ascertains that hedge funds are no longer overinvested in the oil market. I know what you are thinking. Rallies in oil price did happen. Well, they sure did; nevertheless, somewhere between behavioral sentiment, purely short-term technical trading and covering of short positions none of these rallies have proved to be a persistent upward trend.
Uncle Sam. Despite Iran’s compliance with the terms of the nuclear deal, possibility that current US government will not proceed to lift sanctions just yet is still hovering around. This way, prices for domestic crude as well as North Sea’s Brent will most probably be boosted. In regards though to the oil-derived shipping market, less production in the Middle-East region may suggest a substitution with Nigerian crude, which results in more ton-miles of transportation as major importers are located in the Far East. However, this reduction in heavier crude production suggests that refineries will produce less fuel oil in favor of higher distillate products potentially affecting this way the trading patterns between the dirty and clean tanker market segments. So, as you may have guessed, the impact that president Trump’s policies will have on trump shipping is not easy to assess.
So, what have we learnt so far? Well, if price stability and sustainable growth of the market is the focus, then OPEC’s best option could be adjusting its strategy instead of expecting global demand to pick up. Otherwise, if its influence is not so strong anymore, maybe -and this is just a thought- it needs to look west for some new allies.
By Konstantinos Kakavitsas
Tanker Chartering
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
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Showing 2046 to 2050 news of total 6871 |
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- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
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