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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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- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- GMR Energy Limited - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Bhatia International Limited - India
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