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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Aditya Birla Group - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
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