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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, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
Wednesday, 22 November 17
THERMAL COAL WAS FLAT AMID CONCERNS OF FURTHER GOVERNMENT INTERVENTION IN CHINA, SAYS DANIEL HYNES
Coal prices were mixed. Thermal coal was flat amid concerns of further government intervention in China, said Daniel Hynes Senior Commodity Strateg ...
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Showing 1866 to 1870 news of total 6871 |
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- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Planning Commission, India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- PTC India Limited - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
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