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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, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
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Showing 1361 to 1365 news of total 6871 |
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- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- The University of Queensland
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
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