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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Australian Coal Association
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
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- Mintek Dendrill Indonesia
- Minerals Council of Australia
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- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
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- New Zealand Coal & Carbon
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- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
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- Eastern Energy - Thailand
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- Economic Council, Georgia
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- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
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- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
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