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Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
 This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 on 5 March. Meanwhile, new and revised data shows a modest tightening of the balance in the early part of 2018, but the main message remains unchanged from last month and it is very clear: in 2018, fast rising production in non-OPEC countries, led by the US, is likely to grow by more than demand. For now, the upward momentum that drove the price of Brent crude oil to $70/bbl has stalled; partly due to investors taking profits, but also as part of the corrections we have seen recently in many markets. Most importantly, the underlying oil market fundamentals in the early part of 2018 look less supportive for prices.
Our demand growth estimate for 2017 remains strong at 1.6 mb/d, reinforced by November data for the US. For 2018, the more positive global economic picture published by the International Monetary Fund is a key factor in raising our growth outlook to 1.4 mb/d. It was thought that the significant increase in the dollar price of crude oil since the middle of 2017 would dampen growth, and this might be the case to some extent, but the impact of higher prices has been partly offset in some countries by currency appreciations.
It is clear that strong demand growth in 2017, alongside a modest increase last year in non-OPEC output, and the cuts made by leading producers, has contributed to the extraordinarily rapid fall in OECD oil stocks. A year ago, they were 264 mb above the five-year average and now they are only 52 mb in excess of it, with stocks of oil products actually below the benchmark. Although the OECD is not the whole world, the leading oil producers who agreed to cut output identified the level of the group’s stocks as an indicator of the progress of their initiative. With the surplus having shrunk so dramatically, the success of the output agreement might be close to hand. This, however, is not necessarily the case: oil price rises have come to a halt and gone into reverse, and, according to our supply/demand balance, so might the decline in oil stocks, at least in the early part of this year.
The main factor is US oil production. In just three months to November, crude output increased by a colossal 846 kb/d, and will soon overtake that of Saudi Arabia. By the end of this year, it might also overtake Russia to become the global leader. All the indicators that suggest continued fast growth in the US are in perfect alignment; rising prices leading, after a few months, to more drilling, more completions, more production, and more hedging. In early 2018, the situation is reminiscent of the first wave of US shale growth that, riding the tide of high oil prices in the early years of this decade, made big gains in terms of market share and eventually in 2014 forced a historic change of policy by leading producers. Today, having cut costs dramatically, US producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth. This is a sobering thought for other producers currently sitting on shut-in production capacity and facing a renewed challenge to their market share. Another sobering thought is that it is not just a matter of production: trade patterns are changing. Recently we read of a shipment of condensate from the US to the UAE. Such a development would have seemed incredible a few years ago, now it looks like the shape of things to come.
The components of the oil market balance are dynamic and a lot can change in the next few months: the deteriorating situation in Venezuela is one obvious candidate, and the apparent buoyancy of the global economy could deliver higher demand growth than we currently anticipate. As a result, prices could be maintained at recent levels even as US production rises. If so, most producers will be happy, but if not, history might be repeating itself.
Source: IEA
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Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
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