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Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
 Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing some support to product crack spreads and refining margins. With most refineries now back online in all main regions, refinery intakes have risen steadily, to stand some 1.0 mb/d higher in September compared to the same month last year.
As a result of new refining capacity over the last year, refinery runs during winter are likely to reach new record highs, leading to potentially higher supply in the product markets. At the same time, economic headwinds pointing to a slowdown in manufacturing in the OECD may result in a possible decline in consumption of heavier fuels, weighing on the outlook for product markets over the winter season, while increased competition from ethane and LPG may also bite into demand for products including naphtha and transport fuels. In the US, gasoil consumption is expected to receive support from the manufacturing, construction and freight sectors.
Moreover, a seasonal pick up in heating oil demand this winter is expected, despite increasing substitution by natural gas. Jet fuel markets should also remain supported by an uptick in travel activities, particularly in the holiday season. In contrast, the seasonal decline in gasoline demand in the winter months will once again weigh on prices and ultimately refining economics (Graph 1). This may result in higher gasoline exports in 4Q19 to prevent strong inventory builds and to keep gasoline prices stable. Naphtha crack spreads will also come under pressure and suffer losses as strong LPG output, and lower LPG prices in the US continues to compete with naphtha.
US oil demand growth by main petroleum products, mb, y-o-y change In Europe, the slowdown in transportation fuel demand will continue representing a challenge to product markets. Despite a slight pick-up in gasoline consumption in 1H19, mainly in France, unfavourable economic fundamentals have dampened demand in Germany. Moreover, a mild pick up in gasoline powered vehicle sales observed in France, Italy and Spain has been offset by a decline in overall car sales. The pressure in Europe’s product markets could be further exacerbated by new cracking and other upgrading projects in Russia and Belarus, which is projected to increase regional transport fuel production by the end of 2019.
Furthermore, data reflects a declining trend in product demand in the fourth quarter, particularly for naphtha and residual fuel. In Asia, gasoil markets will remain supported by industrial and transportation demand. However, product balances will most likely soften compared with the previous year, once all refineries restore their operation activities in 4Q19, resulting in excess product supply, particularly for gasoline. Concerning the IMO 2020, a combination of declining heavy crude availability, increased refinery conversion capacity, growing appetite for heavy crude, and stricter sulphur limits on marine bunker fuel are likely to lead to rising prices for low sulphur fuel oil (LSFO). At the same time, the declining availability of high sulphur fuel oil (HSFO) could also hold up prices for that product to some degree.
Together with a mismatch in terms of quality between available and required crude slates for refinery intake, this could provide limited support to processing rates as refineries will have to resort to higher intakes to boost fuel oil or compliant marine fuel production. Graph 2: OECD Europe oil demand growth by main petroleum products, mb, y-o-y change Looking ahead, factors such as the onset of the winter season, healthy demand for middle distillates in Asia, and preparations for IMO should support middle-to-heavy product markets in the coming months. At the same time, uncertainties regarding the global economic outlook, declining car sales and fuel substitution programmes in Europe, and higher products supply from Asia could limit the upward trend in the product markets this winter.
Source: OPEC
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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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Showing 6 to 10 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Planning Commission, India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- PTC India Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- White Energy Company Limited
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
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