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Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
 On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia’s crude export strategy after agreeing to cut production in the OPEC+ deal on 10 April 2020.
Wood Mackenzie research director Sushant Gupta said: “Looking at the May OSPs, it is clear that Saudi Arabia wants to ensure its crude remains very competitive in Asia. It has almost doubled the discounts to Asian refiners in May 2020 compared to April 2020. Asian refiners are to enjoy the steepest discounts compared to other regions.”
Saudi Arabia increased the May 2020 OSPs to the US refiners, indicating a desire to export lower volumes to the US. For Saudi Arabia, these volumes are less lucrative.
For Europe and the Mediterranean, the OSPs are maintained, continuing the pressure on Russian Urals’ pricing towards Europe.
Crude runs in Asia are expected to recover from a low point of 26 million barrels per day (b/d) in April 2020 to about 29 million b/d by June 2020, as a result of an expected recovery in oil demand. At the same time, with OPEC+ production cuts likely fully in place by June 2020, crude markets in Asia could also get tighter.
Gupta said: “To meet the entire demand from the refining system, Asian refiners will need to draw down crude inventories built through H1 2020 in their respective countries, and crude producers will have to rely on selling crude from inventories built through April 2020. This will support crude prices.
“We see large changes to crude supply sources for Asian refiners as they rely heavily on crude producers directly impacted by the OPEC+ deal, such as Saudi Arabia, Iraq, Kuwait, the UAE, Angola, Nigeria and Russia. Asia represents a significant share of the exports from these countries.
“No doubt exports to Asia from Saudi Arabia and Russia will be impacted, but because Asia provides a higher netback to both Russia and Saudi Arabia, both will ensure that Asian market volumes fall the least as they cut output. We would expect both producers to divert volumes towards Asia from other regions.
“The discounted OSPs does not continue the price war, rather it is a necessary step to protect Saudi Arabia’s largest and most profitable export market, Asia. With such steep discounts in May 2020, Saudi grades look very attractive to Asian refiners compared to US WTI and key African crude grades.”
Wood Mackenzie expects the light-heavy crude differential to narrow as medium and heavy crude production is preferentially cut as part of OPEC+ deal. Steeper discounts for Saudi grades are a means to compensate refiners for a narrower light-heavy differential.
The deepening OSP discounts would also be required to account for a softening VLCC freight rates driven by OPEC+ production cuts. A lower VLCC freight rate improves relative economics for long-haul shipments such as US WTI crude and Nigeria Bonny Light crude to Asia compared to crudes from the Middle East.
Gupta said: “With deeper discounts to Asia, Saudi Arabia is ensuring that it does not lose access to buyers if oil demand remains weak. Other suppliers looking to position themselves in Asia will have to pay close attention to the Saudis’ pricing.
“ESPO crude from Russia would require a deeper discount to Dubai benchmark to remain competitive against Saudi Arabian crudes. US and African crude grades also would need to be further discounted to compete into Asia.”
Source: Wood Mackenzie
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Tuesday, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
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- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
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