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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, 29 November 17
THERMAL COAL MARKETS WERE A LITTLE BIT MORE SUBDUED - DANIEL HYNES, ANZ
Coal prices were stronger, led by gains in coking coal. Premium hard coking coal jumped above USD200/t for the first time in two months, said Danie ...
Wednesday, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
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Showing 1866 to 1870 news of total 6871 |
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- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Australian Coal Association
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- White Energy Company Limited
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Planning Commission, India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
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