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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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Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
Tuesday, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
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- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Marubeni Corporation - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Australian Coal Association
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- The University of Queensland
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
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