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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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- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Planning Commission, India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Wilmar Investment Holdings
- The University of Queensland
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
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