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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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- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
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