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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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Monday, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- PTC India Limited - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- The University of Queensland
- Aditya Birla Group - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
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