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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, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
Tuesday, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
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Showing 1886 to 1890 news of total 6871 |
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- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Economic Council, Georgia
- White Energy Company Limited
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Cement Manufacturers Association - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
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