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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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Thursday, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
Monday, 09 October 17
INDONESIAN COAL PRICE REFERENCE HITS NEW HIGH FOR 2017
COALspot.com: Indonesian coal benchmark price surges 2.13% in October month over month, the latest ministerial decree showed.
The benchmark pr ...
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Showing 1916 to 1920 news of total 6871 |
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- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Australian Coal Association
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
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