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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, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
...
Friday, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
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- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Parliament of New Zealand
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
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