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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, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
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- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
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- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
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