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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, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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Showing 1311 to 1315 news of total 6871 |
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- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
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