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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, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
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Showing 2051 to 2055 news of total 6871 |
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- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
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