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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, 07 November 17
DRY BULK SHIPPING: TAKE GOOD CARE OF THE RECOVERY SAYS PETER SAND
Demand:
Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In Septembe ...
Tuesday, 07 November 17
COAL MARKETS WERE RELATIVELY BUOYANT - DANIEL HYNES
Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
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Showing 1891 to 1895 news of total 6871 |
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- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
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