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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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Wednesday, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure ...
Tuesday, 06 February 18
THE FUNDAMENTALS FOR INDIAN COAL IMPORTS CONTINUE TO LOOK PROMISING - TORVALD KLAVENESS
Back in August we reported that the fundamentals impacting Indian coal imports looked more promising.
Trade flow data today implies 17.4Mt of ...
Monday, 05 February 18
SUPRAMAX : INDONESIA TO INDIA PASSING THROUGH SINGAPORE HAS SOFTENED
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has softened, week over week, own ...
Friday, 02 February 18
SUPRAMAX : INDONESIA TO CHINA COAL TRIPS ARE PAYING AROUND MID USD 9000 - FEARNLEYS
Supramax
Rather quiet week within Atl, specially Continent due to lack of cargoes.
According to Fearnleys Weekly - Dry bulk report published ...
Friday, 02 February 18
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 54.1 MMST, DOWN 8.8% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
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Showing 1816 to 1820 news of total 6871 |
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- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- The University of Queensland
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- White Energy Company Limited
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