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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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Monday, 15 January 18
QUEENSLAND SHIPPED 210.8 MT OF COAL IN 2017, DOWN 5% YOY QUEENSLAND RESOURCES COUNCIL
Queensland's coal exports over the 12 months reached 210.8 mt which is down 10 mt or 5 per cent from the previous year’s record of 220.8 ...
Thursday, 11 January 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS FIXING AT AROUND $10K - FEARNLEYS
Supramax
USG rates improved both for backhaul and fronthaul, Ultras from USG to Japan receiving around $26k daily while supras 1-2k less for same ...
Wednesday, 10 January 18
2018: IT IS PROJECTED, THE SHIPBUILDERS WILL DELIVER FOUR HUNDRED FORTY NEW VESSELS IN 2018
Headlines from IMF's 2017 – World Economic Outlook:
January 2017 - “After a lacklustre outturn in 2016, economic activity is p ...
Tuesday, 09 January 18
INDONESIAN GOVERNMENT DECLARED COAL REFERENCE PRICE UP IN JANUARY
COALspot.com: the Indonesian Coal Price Reference ( HBA) rose 1.60 per cent in January 2018, the latest ministerial decree showed.
The benchma ...
Friday, 05 January 18
U.S. WEEKLY COAL OUTPUT FELL 32.4% PER CENT WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 10.5 million short tons ...
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Showing 1831 to 1835 news of total 6871 |
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- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
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