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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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Wednesday, 27 December 17
SULPHUR EMISSIONS: THE OUTSTANDING CHALLENGES - UK P&I CLUB
The International Maritime Organization (IMO) has been working to reduce the harmful impacts of shipping on the environment.
It adopted Annex ...
Friday, 22 December 17
COAL INDIA BOARD CLEARS THE WAY FOR SCHEME FOR HARNESSING AND ALLOCATING KOYALA (COAL) TRANSPARENTLY IN INDIA - PIB
The Coal India Limited (CIL) Board cleared the decks for signing of Fuel Supply Agreement (FSA), for supply of coal.
According to Press Inform ...
Friday, 22 December 17
WILL THE DRY BULK INDUSTRY BECOME PROFITABLE IN 2018? - PETER SAND, BIMCO
As the dry bulk fleet is already expected to grow at a pace that matches demand growth expected in 2019, focus must be on improving the fundamental ...
Friday, 22 December 17
ESTIMATED U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 21 December 17
COAL CONSUMPTION DROPS AS GAS AND RENEWABLES CHEW INTO TRADITIONAL MARKETS - BABS MCHUGH
"The share of coal in the global energy mix is forecast to decline from 27 per cent last year to 26 per cent in 2022"
Global demand ...
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- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
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