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Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
 The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product markets more vulnerable to developments related to the middle of the barrel. In 2017, refining margins weakened in winter and product markets were mainly sustained by firm gasoil demand.
Looking back, European diesel demand growth dropped last winter in 4Q17 from levels observed at the beginning of the year and deteriorated further in 2Q18. The trend in 3Q18 so far confirms market weakness. This general slowdown in the European gasoil market is largely a consequence of the 2015 diesel emissions controversy and higher global oil prices. Hence, in 2018 the European gasoil market has transitioned from the fastest-growing diesel market to the slowest among selected countries shown in Graph 1.
In the US, while heating oil has seen pressure due to substitution by natural gas, demand for middle distillates has nevertheless been strong on healthy economic activity, including manufacturing, construction and freight movement. In the winter of 2017, refinery runs in the US were at record highs due to Hurricane Harvey, though this is not expected to be repeated this winter. Following this year’s driving season, refining margins have begun to decline seasonally, in addition to being pressured by smaller crack spreads, which could lower refinery throughput further in the months to come.
In non-OECD countries, strong economic growth, particularly in India and China, has been supportive of industrial activities, such as heavy equipment operations for mining and farming and power generation, as well as passenger and commercial transportation. Diesel growth in India for 2018 continues to see strong momentum, as well as ongoing improvements in LPG requirements for residential use. In China, LPG and gasoline are the engines of demand growth, with seasonal agricultural activities providing further support for diesel demand in the coming months.
With regard to oil inventories, OECD stocks have witnessed a downward trend since the implementation of the Declaration of Cooperation, with an inventory draw in all product categories compared with a year earlier. As per the latest available data, OECD commercial product stocks stood at 41 mb below the seasonal average.
Looking ahead, based on current market developments, global product markets are projected to see some weakness, compared with the same quarter a year earlier. In Europe, gasoil cracks are expected to continue to come under pressure, as diesel-powered vehicles remain under scrutiny. At the same time, gasoline markets in the region are expected to show some counterseasonal gains, providing moderate support to otherwise softening European product markets.
In the US, the diesel market will be impacted by various factors such as weather conditions during 4Q18 and 1Q19 and the performance of the industrial and construction sectors. Meanwhile, product demand in non-OECD countries, mainly in China and India, is expected to be driven by positive GDP growth projections for those economies. In addition, limitations in refining capacity in Latin America and Africa, due to a lack of investment, will most likely continue to encourage product imports, providing additional support to global gasoline and middle distillate crack spreads. However, the current weakness in some emerging market currencies and subsidy reductions could negatively impact product demand in the emerging markets in the months to come.
Source: OPEC
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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- The University of Queensland
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
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