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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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Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
Monday, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
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Showing 1306 to 1310 news of total 6871 |
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- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- PTC India Limited - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
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