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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, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Mjunction Services Limited - India
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
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