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