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Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
 Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The current production cut schedule prior to OPECs meeting this past week, was supposed to last until March 2018, however it has come to light that it will now be extended until the end of 2018, in an attempt to prop up prices as many of OPEC’s members continue to feel strain from the low earnings generated by crude oil sales said Gerry Lathrop, Research Analyst at Allied shipping.
Gerry Lathrop further noted, what’s more is that Saudi Arabia, OPEC leading member, has to deal with ARAMCO’s planned IPO in 2018, which could greatly benefit from the higher crude oil prices. At the same time and in order for the Saudi Government to meet their government budget requirements and reduce their reliance on their cash reserves, are looking at a price target of around US$ 60 per barrel. This is contrary to Russia’s stance who would prefer oil prices to remain lower, and apparently would prefer a target of US$ 40 per barrel at the off chance that higher prices cause the US’s shale oil producers to head to the fields again. In addition to this, OPEC members Libya and Nigeria, who were previously exempt from production cuts, have now agreed to also cap production at their 2017 levels.
This of course can have a profound effect on the shipping side, where the mere talks of a production cut has oil traders rushing to their desks to close their next deal. In short, if oil prices start to show a trend of further price gains, oil traders and refiners will rush to book cargoes, so they can price their end products on competitive level and possibly benefit from a better profit margin, increasing demand in the crude market in the very short-term. In the long-term, if the price of oil also goes up, it is likely to dampen overall demand and cause a potential slowdown in trade. This negative effect however tends to be limited given that crude oil has fairly inelastic demand.
According to Gerry Lathrop of Allied, on the non-OPEC side of things, crude oil production in the US has hit a new record production level of 9.7 million barrels per day on average for the week ending November 17th, according to statistics from the US EIA. Similarly, crude oil imports from Venezuela to the Louisiana Offshore Oil Platform (LOOP) for the period of January to November 2017 are around 7 million barrels, which is almost 3 times as much as what we were seeing during the same time frame last year (2.5 million bbls). The main reason for importing so much Venezuelan crude seems to be mainly due to the lack of availability of Saudi Arabian heavy/sour crude resulting from their production cuts. According to US customs data, imports from Saudi are down 45% from 75 million barrels to 42 million barrels for the same 10-month period. This has undoubtedly caused much of the softening in the crude tanker market of late by removing many ton miles from the market.
In any case, it will be interesting to see which direction the market will trend come June of next year, as the tug of war continues between Russia’s stance on lower crude prices and Saudi’s preference for higher prices. We will probably see the price fall somewhere in between these respective price targets during most of 2018, while if prices increases above Saudi’s US$ 60 per barrel, a relatively swift ramp up in US shale oil production should help quickly push things back down. This points to the main risk by both OPEC and Russia, with any further cost efficiencies achieved by US shale producers allowing them to capture a higher market share and even make these production cuts irrelevant to the overall market.
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Thursday, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
Wednesday, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
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Showing 1786 to 1790 news of total 6871 |
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- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
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