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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, 22 November 17
CHINA CONSUMES MORE THAN TWO-THIRDS OF THE GLOBAL SEABORNE IRON ORE MARKET; PRODUCES AS MUCH STEEL AS THE REST OF THE WORLD COMBINED - CHRISTOPHER T. WHITTY
China consumes more than two-thirds of the global seaborne iron ore market and at the same time produces as much steel as the rest of the world com ...
Monday, 20 November 17
INDONESIAN COAL BENCHMARK PRICE SURGES 0.86% TO $94.80 A TON, GOVERNMENT DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 0.86% in November compared to declared price in October, the latest ministerial decree showed. ...
Friday, 17 November 17
U.S. PRODUCED 678.8 MMST OF COAL YEAR TO DATE; 9% UP Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.8 million short ton ...
Thursday, 16 November 17
PANAMAX ACTIVITIES HAVE SLOWED DOWN QUITE SUBSTANTIALLY THE LAST WEEK - FEARNLEYS
Supramax
Another week with rates easing over all the Supra routes within Atlantic.
Front hauls from USG got payed around 21-22k daily and ul ...
Thursday, 16 November 17
KOMIPO INVITED BIDS FOR 3.9 MILLION TONS OF 5700 NAR AND 5400 NAR COAL FOR 2018 - 2020 DELIVERY
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 3,900,000 Metric Tons of min. 570 ...
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Showing 1871 to 1875 news of total 6871 |
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- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- VISA Power Limited - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
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