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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, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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Showing 1451 to 1455 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
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