We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
|
|
|
Showing 16 to 20 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
|
| |
| |
|
