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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, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Indian Oil Corporation Limited
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