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Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
 Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Following an initial burst of enthusiasm for the deal, scepticism set in, alongside worries about the global economic background. Prices fell by $10/bbl with Brent crude oil bottoming out on 24 December at just above $50/bbl. For the producers, this was unwelcome, but for consumers it provided a nice present for the holidays. In the US Gulf Coast, gasoline prices in early January averaged $1.89/gal versus the summer peak of $2.79/gal and in India, prices are about 14% below the early October peak. Recently, leading producers have restated their commitment to cut output and data show that words were transformed into actions. In December, OPEC production fell by almost 600 kb/d and Saudi Arabia has signalled that, for its part, further significant cutbacks will take place in January and beyond.
The Brent price has moved back above $60/bbl, so the answer to our question posed last month seems to be a qualified yes, at least for now. However, the journey to a balanced market will take time, and is more likely to be a marathon than a sprint. While Saudi Arabia is determined to protect its price aspirations by delivering substantial production cuts, there is less clarity with regard to its Russian partner. Data show that Russia increased crude oil production in December to a new record near 11.5 mb/d and it is unclear when it will cut and by how much. Other non-OPEC countries joining in the output deal saw higher output, including Mexico.
Elsewhere, there are signs that market re-balancing will be gradual. The trajectory of Iran’s production and exports remains important. In December, total exports increased slightly to over 1.3 mb/d. With US waivers allowing Iran’s major customers to buy higher volumes than was previously thought, more oil will remain in the market in the early part of 2019. Venezuela has seen the collapse of its oil industry slow during the second half of 2018 with production falling recently by about 10 kb/d each month rather than by the 40 kb/d we saw earlier in the year. The level of output in the world’s biggest liquids producer, the United States, will once again be a major factor in 2019. We saw incredible and unexpected growth in total liquids production of 2.1 mb/d in 2018. For this year, we have left unchanged for now our forecast for growth of 1.3 mb/d. While the other two giants voluntarily cut output, the US, already the biggest liquids supplier, will reinforce its leadership as the world’s number one crude producer. By the middle of the year, US crude output will probably be more than the capacity of either Saudi Arabia or Russia.
For oil demand, there is a mixed picture. Falling prices in 4Q18 helped consumers and there are signs that trade tensions might be easing. In many developing countries, lower international oil prices coincide with a weaker dollar as the likelihood of higher US interest rates fades for now. However, the mood music in the global economy is not very cheerful. Confidence is weakening in several major economies. In the short term, there is added uncertainty about oil demand due to the onset of the northern hemisphere winter season, with low temperatures seen in the past few days in many places. For now, we retain our view that demand growth in 2018 was 1.3 mb/d, and this year it will be slightly higher at 1.4 mb/d, mainly due to average prices being below year-ago levels.
In the meantime, refiners face a challenging year. Processing capacity will increase by 2.6 mb/d, the biggest growth for four decades, while margins are already pressured by low gasoline cracks due to oversupply and weak demand. The well-trailed changes to the International Maritime Organisation’s marine fuel regulations due in 2020 are another big issue for some refiners as they seek to find outlets for unwanted high sulphur fuel oil. By the end of the year, all industry players, upstream and downstream, may feel as if they have run a marathon.
Source: IEA
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Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
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Showing 1346 to 1350 news of total 6871 |
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- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- The University of Queensland
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Interocean Group of Companies - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
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