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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, 05 December 17
THE COKING AND THERMAL COAL RECORDING SMALL GAINS - DANIEL HYNES
Coal markets were higher, with both coking and thermal coal recording small gains, said Daniel Hynes Senior Commodity Strategist at ANZ in his late ...
Tuesday, 05 December 17
WEEKLY US COAL PRODUCTION ESTIMATES DIP WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.1 million short ton ...
Thursday, 30 November 17
CONTEMPLATING COAL'S CONTROVERSY AT COP23 - BENJAMIN SPORTON
Representing the coal industry at climate talks is never going to be an easy proposition. For many people, coal and climate action are incompatible ...
Wednesday, 29 November 17
THE LAST DAYS OF COAL? - ALIBRA SHIPPING
At least 15 countries have joined an international alliance to phase out coal use for power generation before 2030.
Britain, Canada, Denmark, ...
Wednesday, 29 November 17
THERMAL COAL MARKETS WERE A LITTLE BIT MORE SUBDUED - DANIEL HYNES, ANZ
Coal prices were stronger, led by gains in coking coal. Premium hard coking coal jumped above USD200/t for the first time in two months, said Danie ...
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Showing 1861 to 1865 news of total 6871 |
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- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Economic Council, Georgia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
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