We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
 Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down for the month. Price declines were mainly due to worries that the ongoing global trade disputes would lower oil demand, strengthening US dollar, US stock builds and reported supply increases. ICE Brent was $1.11 lower at $73.84/b compared to the previous month, while NYMEX WTI was down $2.74 at $67.85/b and DME Oman dropped 24¢ to $72.67/b. However, year-to-date (y-t-d) ICE Brent was still $19.86 higher at $72.00/b, while NYMEX WTI increased by $17.12 to $66.42/b and DME Oman was up $18.70 at $69.55/b. The Brent-WTI spread widened to average $6.00/b. Speculative net long positions ended mixed, with those of NYMEX WTI lower. As for market structure, the backwardation in Dubai remained unchanged, while that of WTI eased. The contango structure for Brent for the rest of the year deepened amid increasing supplies. The discount of sour to sweet crudes decreased due to an anticipated tightening of sour crude, while sweet crude availability was ample.
World Economy
The global GDP growth forecast remains at 3.8% for 2018 and 3.6% for 2019. In the OECD, growth in the US is assessed unchanged at 2.9% in 2018 and 2.5% in 2019. Euro-zone growth remains at 2.0% for 2018 and 1.9% for 2019. GDP growth in Japan is revised down by 0.1 pp to 1.1% in both 2018 and 2019. Meanwhile, in the non-OECD, India’s forecast is revised up to 7.6% for 2018, while remaining unchanged at 7.4% for 2019. China’s GDP growth remains at 6.6% for 2018 and 6.2% for 2019. Growth in Brazil is revised down by 0.4% to reach 1.2% in 2018, but a rebound to 2.0% is anticipated in 2019. Russia’s GDP growth forecast is also revised lower to 1.6% in 2018 and down to 1.7% in 2019.
World Oil Demand
In 2018, world oil demand is expected to grow by 1.62 mb/d, a minor downward revision from last month’s projection. In the OECD region, oil demand saw healthy growth in all three main OECD regions, particularly in the Americas over 1H18. In contrast, the non-OECD region, mainly Latin America and the Middle East, saw weaker oil requirements in 1H18 as well as slower economic projections, which has led to a net downward revision of 20 tb/d from last month’s report. Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d, a minor downward adjustment of 20 tb/d from the previous month’s assessment, mainly reflecting the less optimistic economic projections in the non-OECD regions of Latin America and the Middle East compared to last month. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
World Oil Supply
Non-OPEC oil supply in 2018 is expected to grow by 2.02 mb/d, a downward revision of 64 tb/d. The US, Canada, Kazakhstan the UK, and Brazil remain to be the main drivers for growth, while Mexico and Norway are projected to show the largest declines. Total non-OPEC supply for 2018 is now estimated at 59.56 mb/d. Non-OPEC oil supply in 2019 is forecast to grow by 2.15 mb/d, a minor upward revision of 17 tb/d. The US, Brazil, Canada, and the UK are expected to be the main growth drivers, while Mexico and Norway remain to be the largest declines. Non-OPEC supply is now forecast to average 61.71 mb/d for the year. OPEC NGLs in 2018 and 2019 are expected to grow by 0.12 mb/d and 0.11 mb/d to average 6.36 mb/d and 6.47 mb/d, respectively. In August, OPEC crude oil production increased by 278 tb/d to average 32.56 mb/d, according to secondary sources.
Product Markets and Refining Operations
Refinery margins at all main trading hubs recorded gains in August as several refinery outages prompted product supply disruptions, which led to strengthening at the top and middle of the barrel. In the US, product markets strengthened, supported mainly by higher product exports, particularly to Latin America. In Europe, declining Amsterdam-Rotterdam-Antwerp product inventories resulted in tighter product balances, which provided substantial support to refining margins. Meanwhile in Asia, refining margins strengthened on the back of lower refinery intakes caused by unplanned shutdowns and bullish market sentiment.
Tanker Market
In August, dirty vessel spot freight rates increased by 5% on average compared to a month earlier. This was mainly driven by higher freight rates for VLCC and Aframax, while average Suezmax freight rates showed a decline. Enhanced activity and delays on the US Gulf Coast (USGC) and Asia supported freight rates in August. In the clean tanker market, spot freight rates remained under pressure as high vessel availability continued, while tonnage demand remained limited, therefore resulting in rate declines in both the eastern and western directions of Suez.
Stock Movements
Data for July showed that total OECD commercial oil stocks rose by 8.1 mb m-o-m, standing at 2,830 mb, which is 194 mb lower than a year ago and 43 mb below the latest five-year average, but remain 260 mb above the January 2014 level. Compared to the latest five-year average, crude stocks indicated a deficit of 0.2 mb, while product stocks witnessed a deficit of 43 mb. In terms of days of forward demand cover, OECD commercial stocks rose by 0.1 days m-o-m in July to stand at 59.1 days, which is 2.3 days below the latest five-year average.
Balance of Supply and Demand
In 2018, demand for OPEC crude is expected at 32.9 mb/d, which is 0.5 mb/d lower than in the previous year. In 2019, demand for OPEC crude is forecast at 32.1 mb/d, around 0.9 mb/d lower than a year earlier.
Source: OPEC
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
|
|
|
Showing 1551 to 1555 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
|
| |
| |
|
