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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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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- MS Steel International - UAE
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- White Energy Company Limited
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
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- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
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