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Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and irregular on Jan.13:
380 HSFO – USD/MT – 388.82 (+0.72)
VLSFO – USD/MT – 660.00 (-1.00)
MGO – USD/MT – 702.06 (+0.75)
Meantime, world oil indexes fell on Jan.13 as investors shifted their focus away from easing Mideast tensions to this week’s scheduled signing of an initial U.S.-China trade deal.
Brent for March settlement declined by $0.78 to $64.20 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February fell by $0.96 to $58.08 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.12 to WTI. Gasoil for February delivery lost $16.75.
Today morning global oil indexes do not have any firm trend.
It is expected that the U.S. and China agreement is already largely discounted in the price level, and is unlikely to provide a strong boost to oil prices. A U.S.-China trade deal is due to be signed in Washington on Jan.15. The Trump administration has invited at least 200 people to a ceremony for the signing, but the two nations have not yet finalised details of what will be signed.
This year, Chinese crude oil demand growth could be just half of the estimated growth for 2019, and the lowest growth pace since the financial crisis in 2008. Apparent demand for oil in China—calculated by adding domestic production to net imports and changes to inventories—is set to increase by just 2.4 percent in 2020, less than half the 5.2-percent growth estimated for 2019. the impact of the U.S.-China trade war will continue to be felt in the Chinese economy, whose growth will linger at 6 percent.
Last week, the U.S. House of Representatives voted to curb U.S. President Donald Trump’s power to strike Iran. Meanwhile, in comments to Fox News, Vice President Mike Pence said the Islamic Republic has asked militias in the Middle East not to carry out attacks against U.S. interests. The situation in Iran remained volatile, however, as its citizens protested after the government admitted on Jan.11 that it had mistakenly show down a Ukrainian passenger jet, killing all 176 people on board. Iran’s government said it was forming a working group to probe the crash and compensate victims.
OPEC not only continued to cut its crude oil production in December 2019, but it also managed to reach its deeper-cut target for Q1 2020 a month earlier than planned. As in all previous months, Saudi Arabia overcomplied significantly with its share of the cuts, helping the cartel achieve the new quota effective January a month early (Saudi Arabia’s December oil production was 9.82 million bpd: a way below the December quota of 10.3 million bpd. The Saudis were still compensating for rogue OPEC members Iraq and Nigeria, which, despite cutting their respective production, were still not complying with their December quotas. OPEC’s total crude oil production stood at 29.55 million bpd in December, down by 100,000 bpd compared to November.
Rystad Energy continues to see a downward risk to prices, with further pressure on OPEC to implement even deeper production cuts in order to keep Brent oil prices around $60 per barrel through 2020. Oil prices still react dramatically to news of tensions in the Persian Gulf, although less dramatically now than they would have before the US shale revolution. The importance of the region for oil markets is obvious, given that seven Gulf countries alone – Saudi Arabia, Iraq, UAE, Kuwait, Iran, Oman and Qatar – produced around 24 million bpd of crude oil in December 2019. Rystad Energy forecasts that the ‘call’ on OPEC will average about 28.3 million bpd during the final nine months of 2020. By comparison, OPECs actual production in December 2019 was 29.6 million bpd, and the cartel’s new implied production target for the first quarter of 2020 is 29.2 million bpd.
The Chinese Maritime Safety Administration (MSA) has rooted out two cases of ships using fuel that did not comply with the new IMO 2020 regulations. In statement issued on 10 January, the Standard Club revealed that it had received reports about the incidents. In one case, the ship was under a Port State Control inspection in Qingdao when the MSA verified the use of fuel oil with a sulphur content of .6777% mm. The MSA also found that a ship berthed in Xiamen has been burning non-compliant fuel. The ship had been at berth nearly six days after changing over to compliant fuel – and it is likely that previous high sulphur fuel residue remained in the engine fuel system resulting in emissions over the China ECA limit. It is ‘not clear yet whether the MSA will fine the ships for the IMO 2020 violations.
The International Energy Agency (IEA) said, by 2040, India’s oil consumption is set to increase at the fastest pace than any major economy in the world as the country is becoming increasingly influential in global energy markets. Currently, India is the world’s third largest consumer of oil, the fourth largest oil refiner, and a net exporter of refined products. India’s oil demand growth rate is expected to surpass the growth pace of China in the middle of the 2020s, making India a very attractive market for refinery investment. Besides, India’s oil import dependency is set to rise significantly in coming decades, from an already high dependency of over 80 percent in 2018.
We expect bunker prices may go down today in a range of minus 3-6 USD for IFO and minus 9-15 USD for MGO.
Source: MABUX
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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Planning Commission, India
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
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