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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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Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
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Showing 1321 to 1325 news of total 6871 |
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- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
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