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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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Monday, 06 November 17
THE THERMAL COAL MARKET CAME UNDER SOME PRESSURE AS THE OUTLOOK FOR DEMAND WEAKENED - DANIEL HYNES
Commodities were mixed as investors grappled with a revised tax plan in the US amid a rising USD said Daniel Hynes in his linked in post.
Acco ...
Monday, 06 November 17
THE FREIGHT MARKET WAS CONTINUED TO SOFTEN THIS PAST WEEK; BCI DOWN 184 POINT WEEK OVER WEEK
COALspot.com: The freight market was continued to soften this past week compared to the previous week, as BDI and all segments except Panamax index ...
Friday, 03 November 17
U.S. COAL PRODUCTION FELL WEEK-OVER-WEEK, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.5 million short ton ...
Wednesday, 01 November 17
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
As it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Noneth ...
Tuesday, 31 October 17
BALTIC DRY INDEX TAKES A BREAK FROM ITS UPWARD RALLY COURSE - GEORGE LAZARIDIS
It has been a week of corrections for the dry bulk freight market as it seems as the general Baltic Dry Index takes a break from its upward rally c ...
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Showing 1896 to 1900 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- The University of Queensland
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- PTC India Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
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