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Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
 Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by 640 kb/d y-o-y in 3Q19, the biggest contributor to global growth. In 4Q19, we expect further acceleration in global growth to 1.9 mb/d, supported by a comparison with a weak 4Q18, lower y-o-y prices and robust US petrochemical demand. Our global growth forecasts for 2019 and 2020 are unchanged, at 1 mb/d and 1.2 mb/d, respectively.
Global oil supply rose 1.5 mb/d in October as Saudi Arabian production returned to normal and on increases from Norway, Canada and the US. OPEC crude oil production was 29.9 mb/d. At 101 mb/d, world oil supply was 1.2 mb/d below year-ago levels with OPEC down 2.5 mb/d. Non-OPEC output growth is set to increase from 1.8 mb/d this year to 2.3 mb/d in 2020. The call on OPEC crude in 2020 is estimated at 28.9 mb/d, 1 mb/d below current production.
Sluggish refining activity in the first three quarters of 2019 contributed to a 0.3 mb/d decline in crude oil demand y-o-y. For 2019 as whole, crude demand is likely to decline for the first time since 2009, albeit by only 90 kb/d. This partly explains the relative weakness of crude prices for most of 2019. Throughput growth is expected to resume in 4Q19 and continue through 2020.
After increasing for five consecutive months, OECD commercial stocks drew 38.9 mb in September to 2 944 mb. They were 21.5 mb above the five-year average and covered 60.7 days of forward demand, one day below the average. Preliminary data for October showed total stocks falling in the US and Europe, while inventories gained in Japan. Floating storage of crude oil fell 6 mb in October to 64.1 mb. The number of Iranian VLCCs used for storage increased by 1 to 27.
ICE Brent futures prices were boosted by positive news on the US-China trade talks and reached $62/bbl in late October. Oil markets are showing increasing signs of transitioning to the new IMO regulations and HSFO cracks collapsed to ten-year lows. Record high freight rates supported the price of crudes with shorter delivery times to Asia.
Pausing to reflect
The IEA’s World Energy Outlook 2019 published this week highlights the increasing disparity between the calm oil market of today and heightened geopolitical tensions. The calmness is supported by a well-supplied market and high inventories. This may continue into 2020 because non-OPEC countries will grow their production by 2.3 mb/d. The US will lead the way but there will also be significant growth from Brazil, Norway and barrels from a new producer, Guyana.
Global refinery activity is expected to rebound sharply in 2020, after a pause in growth this year. While our oil demand growth estimate for 2019 is essentially unchanged at 1 mb/d, the volume of crude oil used by refiners and for direct burn in power generation declined by 300 kb/d through 3Q19. Even after a seasonal surge in refinery runs in 4Q19, crude oil demand for 2019 as a whole is still expected to decline by 90 kb/d, the first drop since 2009. This reflects the cyclical nature of refining that overproduces in some years and then slows down to clear product stock overhang.
A ramp up in refining activity in 2020 sets the stage for a hopefully smooth implementation in January of the International Maritime Organisation’s new bunker fuel regulations. Ports, ship owners and refiners have stepped up their preparations. Major bunker hubs such as Fujairah, Rotterdam and Singapore are reported to have large volumes of compliant fuel available. In the case of Singapore, one of the world’s two Ultra Large Crude Carriers is being used to store low sulphur fuel oil (LSFO) and marine gasoil offshore. Meanwhile, the price of high sulphur fuel oil (HSFO) is nose-diving with cracks in Rotterdam falling under -$30/bbl, the lowest in over 10 years. The LSFO-HSFO spread in North West Europe blew out to almost $30/bbl in late October from just under $3/bbl last year. Nevertheless, compliant supplies may not be available in sufficient quantities in smaller ports and for smaller ships, perhaps creating some dislocations.
For 2020, our estimate for oil demand growth is unchanged at 1.2 mb/d, based partly on the International Monetary Fund’s expectation of 3.4% GDP growth. However, the health of the global economy remains uncertain in spite of recent positive news about the US-China trade dispute. This year, we are seeing a big difference in demand growth in the two biggest oil markets. In the US, there has been almost no growth in the first three quarters of 2019, while China has grown by 0.6 mb/d on average. Moving into 2020, US growth is expected to pick up to 190 kb/d while China slows to 375 kb/d.
The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month. However, a continuously well-supplied market will lend support to a fragile global economy.
Source: IEA
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Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
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- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
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- India Bulls Power Limited - India
- Parliament of New Zealand
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- Petron Corporation, Philippines
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
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- Videocon Industries ltd - India
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- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
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- Ministry of Mines - Canada
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- PNOC Exploration Corporation - Philippines
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- Goldman Sachs - Singapore
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- TNB Fuel Sdn Bhd - Malaysia
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- GVK Power & Infra Limited - India
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- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
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- Edison Trading Spa - Italy
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- Thai Mozambique Logistica
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- IEA Clean Coal Centre - UK
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- White Energy Company Limited
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- Straits Asia Resources Limited - Singapore
- Planning Commission, India
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- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
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- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- CNBM International Corporation - China
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- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
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- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
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- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- The University of Queensland
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
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