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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, 13 December 17
REFINED COAL HAS MADE UP NEARLY ONE-FIFTH OF COAL-FIRED POWER GENERATION SO FAR IN 2017 - EIA
The U.S. power sector consumption of coal is increasingly shifting to refined coal, even as coal-fired electricity generation decreases. Use of ref ...
Wednesday, 13 December 17
DEMAND FOR THERMAL COAL LOOKED RELATIVELY ROBUST - DANIEL HYNES
Coal prices were a touch higher. Demand for thermal coal looked relatively robust, after reports continued to surface that Chinese authorities have ...
Wednesday, 13 December 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
As another year is coming to an end and much has been already written about the positive reversal in the dry bulk market, we think it is interestin ...
Monday, 11 December 17
INDIA CONSUMERS ARE SAID TO BE DESPERATELY SEEKING CARGOES - DANIEL HYNES
Coal markets were stronger, as strong demand outside China continues to spur buying said Daniel Hynes, Senior Commodity Strategist at ANZ.
Acc ...
Monday, 11 December 17
CAPESIZE FFA MARKET LOOKING PROMISING MOVING FORWARD - FIS
Capesize
Another very promising day for the big ships as rates continued to firm in both oceans and the paper market ate into the backwardation s ...
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Showing 1851 to 1855 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
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