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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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Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Agrawal Coal Company - India
- Minerals Council of Australia
- Posco Energy - South Korea
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- The University of Queensland
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
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