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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, 25 October 17
SHIPPING MARKET REPORT - INTERMODAL
While the majority of perspective Buyers in the dry bulk second-hand market is currently focusing on modern tonnage, there is also increased activi ...
Tuesday, 24 October 17
KOMIPO INVITED BIDS FOR MIN. 4600 NAR BLENDED SUB-BITUMINOUS COAL OF INDONESIAN ORIGIN FOR BORYEONG OR NEW BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 5,000,000 Metric Tons of blended sub-bi ...
Tuesday, 24 October 17
CHINA'S INSATIABLE APPETITE FOR THIS ENERGY COMMODITY CONTINUES STRONG - GEORGE LAZARIDIS
Crude oil prices have been seeing some support emerge this past week as supply disruptions in Iraq and a drop in US drilling has helped bolster oil ...
Friday, 20 October 17
U.S COAL PRODUCTION FELL 1.45 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Tuesday, 17 October 17
SULPHUR 2020: COMING, READY OR NOT - ALIBRA SHIPPING
Some 70% of shipping companies surveyed say they do not believe the industry is ready for IMO’s 2020 deadline, when a global limit of 0.5% su ...
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Showing 1906 to 1910 news of total 6871 |
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- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Planning Commission, India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- MS Steel International - UAE
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Minerals Council of Australia
- The University of Queensland
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- White Energy Company Limited
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