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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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Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
Wednesday, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
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Showing 1356 to 1360 news of total 6871 |
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- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Australian Coal Association
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- GMR Energy Limited - India
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
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