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Tuesday, 14 November 17
IN 2018, WORLD OIL DEMAND IS FORESEEN REACHING 1.51 MB/D - OPEC
 Oil Market Highlights - OPEC
The OPEC Reference Basket averaged $55.50/b in October, gaining $2.06 over the previous month and reaching the highest value in more than two-and-a-half years, with a year-to-date average of $50.68/b. Crude futures also reached levels not seen since mid-2015. ICE Brent ended $2.13 higher at $57.65/b, while NYMEX WTI increased $1.72, reaching $51.59/b, keeping the Brent-WTI spread above $6/b. Prices have been supported by rising global demand data and expectations that major producing nations will extend a deal to adjust output and bring the oil market to a balance. Hedge funds raised net long positions in NYMEX WTI and ICE Brent futures and options by 29,456 and 21,592 contracts, respectively, to 281,244 and 530,237 lots. Brent and Dubai remained in backwardation, while the WTI contango eased. Sweet/sour differentials narrowed in Asia and Europe, but widened on the US Gulf Coast.
World Economy
The global economic growth dynamic has continued its momentum, with the forecast for 2017 revised up to 3.7%, from 3.6% in last month’s report. Similarly, the 2018 forecast has been adjusted higher as well to stand at 3.7%, compared to 3.5% in the previous month. Particularly OECD economic growth in 2017 was better than expected so far. The OECD is seen growing by upwardly revised 2.3% in 2017 and 2.2% in 2018. Good momentum – and a potential tax reform – in the US, the ongoing dynamic in the Euro-zone and to some extent in Japan, solid growth in China and India and an improving situation in Russia and Brazil are supporting the growth trend in the short-term.
World Oil Demand
World oil demand growth is expected to rise by 1.53 mb/d in 2017 after an upward adjustment of 74 tb/d to account for the better-than-expected performance of China in 3Q17. In 2018, world oil demand is foreseen reaching 1.51 mb/d, around 130 tb/d higher than in the previous assessment.
World Oil Supply
Non-OPEC oil supply is now projected to grow by 0.65 mb/d y-o-y in 2017, representing a downward revision of 0.02 mb/d from last month’s report. For 2018, growth in non-OPEC oil supply has also been revised down by 0.07 mb/d to stand at 0.87 mb/d. OPEC NGLs and non-conventional liquids are expected to grow by 0.18 mb/d in 2018, following an increase of 0.17 mb/d in 2017. In October 2017, OPEC crude oil production decreased by 151 tb/d, according to secondary sources, to average 32.59 mb/d.
Product Markets and Refining Operations
Product markets in the Atlantic Basin weakened in October due to seasonally-lower gasoline demand following the end of US driving season. Nonetheless, US refining margins have exhibited some improvement y-o-y on the back of firm product demand and amid low stock levels. In Europe, solid middle-of-the-barrel demand offset weakness at the top and bottom. Product markets in Asia also weakened slightly, but remained at healthy levels, supported by the onset of refinery maintenance.
Tanker Market
Sentiment in the dirty tanker market generally strengthened in October, as freight rates for different classes showed improvements on most major trading routes. Average dirty tanker spot freight rates rose 16% compared to the previous month, on the back of improved seasonal tonnage demand, as well as port and weather delays, among other factors. Despite healthy gains in October, the shipping market remains in surplus, capping further increases in spot freight rates. Meanwhile, clean tanker freight rates experienced a relative decline, although remaining above the levels of the same month last year.
Stock Movements
Total OECD commercial oil stocks fell in September to stand at 2,985 mb. At this level, OECD commercial oil stocks are 154 mb above the latest five-year average. Crude and products stocks indicated a surplus of around 129 mb and 25 mb, respectively, above the seasonal norm. In terms of days of forward cover, OECD commercial stocks stood at 62.3 days in September, some 1.9 days higher than the latest five-year average.
Balance of Supply and Demand
Based on the current global oil supply/demand balance, OPEC crude in 2017 is estimated at 33.0 mb/d, around 0.71 mb/d higher than in 2016. OPEC crude in 2018 is estimated at 33.4 mb/d, about 0.46 mb/d higher than in 2017.
Source: OPEC
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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Bhatia International Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- The University of Queensland
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Orica Mining Services - Indonesia
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