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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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Tuesday, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- VISA Power Limited - India
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