We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Saturday, 20 June 20
WORLD OIL DEMAND IS PROJECTED TO DECREASE BY 9.1 MB/D IN 2020 - OPEC
Crude Oil Price Movements
Spot crude oil prices rebounded in May from low levels registered a month earlier, as physical market fundamentals improved significantly. The OPEC Reference Basket (ORB) value rose by $7.51, or 42.5%, m-o-m, to stand at $25.17/b. Crude oil futures prices also bounced back in May, amid renewed optimism on the outlook of global oil market fundamentals and expectations for a further recovery of oil demand and tightening global supply. ICE Brent increased by $5.78, or 21.7%, m-o-m to average $32.41/b, and NYMEX WTI soared by $11.83, or 70.8%, m-o-m to average $28.53/b. The contango structure of oil futures prices flattened considerably over the month in all three markets, suggesting that the supply-demand fundamentals are gradually improving. Hedge funds and other money managers turned more positive about the outlook for crude oil prices and continued to raise their combined futures and options net long positions in both ICE Brent and NYMEX WTI contracts.
World Economy
The world economic growth forecast remains unchanged, declining by 3.4% y-o-y in 2020, following global economic growth of 2.9% in 2019. The major economies’ forecasts remain unchanged this month, except for India. The US is forecast to contract by 5.2% in 2020, following growth of 2.3% in 2019. An even larger decline of 8.0% is expected in the Euro-zone in 2020, compared to growth of 1.2% in 2019. Japan is forecast to contract by 5.1% in 2020, comparing to growth of 0.7% in 2019. China’s 2020 GDP is forecast to grow by 1.3%, following growth of 6.1% in 2019. India’s forecast was revised down to decline by 0.8%, a sharp slowdown from downwardly revised growth of 4.9% in 2019. Brazil’s economy is forecast to contract by 6.0% in 2020, following growth of 1.1% in 2019. Russia’s economy is forecast to contract by 4.5% in 2020, after growth of 1.3% in 2019, not only due to COVID-19, but also because of the considerable decline in oil prices.
World Oil Demand
World oil demand is projected to decrease by 9.1 mb/d in 2020, unchanged from the previous month’s assessment. The COVID-19 pandemic has negatively affected global economic activities, eliminating global oil demand growth potential and leading to a y-o-y decline of 6.4 mb/d in 1Q20 and by 17.3 mb/d y-o-y in 2Q20. Transportation fuels are projected to be under pressure during 2020 as lockdowns in various countries particularly the US, Europe, India and the Middle East reduce demand for gasoline and jet fuel, as air travel and distances travelled anticipated to significantly decline compared with a year earlier. Furthermore, decreased manufacturing activities, compared with the previous year, will limit industrial fuel requirements. Petrochemical feedstock is expected to be driven by slower end-user requirements for plastics and plastic products, compared to previous years. Considering the large uncertainties going forward, new data and developments may warrant further revisions in the near term. For 2019, world oil demand growth is kept unchanged at 0.83 mb/d as OECD oil demand declined by 0.10 mb/d while non-OECD oil demand increased by 0.93 mb/d.
World Oil Supply
Non-OPEC liquids production growth in 2020 (including processing gains) is revised up by 0.3 mb/d from the previous month’s assessment and is now forecast to decline by 3.2 mb/d y-o-y. The revision is based on oil production estimations for April and May in non-OPEC countries participating in Declaration of Cooperation (DoC). Strong conformity with the voluntary production adjustments by the 10 non-OPEC participating countries in the DoC led to a drop in crude oil output of more than 2.59 mb/d in May, while OPEC-10 cut 6.25 mb/d m-o-m. At the same time, preliminary oil production outside the DoC showed a decrease by 2.0 mb/d in April and furthermore by 0.8 mb/d in May, mainly in the US and Canada. Oil supply in 2020 is forecast to show growth only in Norway, Brazil, Guyana and Australia. Non-OPEC liquids production growth in 2019 was revised up by 0.01 mb/d owing to a minor upward revision in Latin America’s production in 4Q19 and is now estimated to have grown by 2.03 mb/d to average 65.03 mb/d for the year. OPEC NGLs are estimated to have declined by 0.08 mb/d y-o-y in 2019 to average 5.26 mb/d, while the preliminary 2020 forecast indicates a decline of 0.03 mb/d to average 5.23 mb/d. OPEC crude oil production in May decreased by 6.30 tb/d m-o-m to average 24.19 mb/d, according to secondary sources.
Product Markets and Refining Operations
Refinery margins globally came under heavy pressure and plummeted to record lows on the back of oil product gluts amid stronger feedstock prices. The middle section of the barrel suffered the most as the manufacturing, freight and distribution systems still operate at reduced rates. Although gasoline markets showed some upside, owing to a gradual recovery in mobility as the pandemic restrictions continue to be eased, this was insufficient to prevent the hard downfall in refining economics.
Tanker Market
Dirty tanker rates in May fell from the high levels seen since mid-March. Production adjustments by OPEC and participating non-OPEC countries, as well as other major producers have eased the pressure seen on demand for VLCCs. A decline in product exports amid COVID-19 lockdowns have also kept clean tanker rates subdued, with both reduced refinery runs and weak product demand limiting cargoes. Floating storage has provided some support to both dirty and clean rates, however, levels are seen to be unwinding faster-than-expected.
Crude and Refined Products Trade
Preliminary data for May shows US crude imports recovering slightly to 6.0 mb/d following the arrival of long-haul volumes from the Middle East. US crude exports remained broadly steady at 3.2 mb/d, although a considerable share was headed to floating storage and oversea inventories. Product exports fell sharply in May, accelerating the decline that started in March, as COVID-19 disruptions constricted product demand in Latin America. After bottoming out at 9.7 mb/d in March, China’s crude imports picked up in April, averaging 9.9 mb/d. Preliminary customs data indicates crude imports hit a new record high of 11.3 mb/d in May. Product exports from China reached a new record high of 2.08 mb/d in April, although tanker tracking data points to a sharp fall in exports in the coming months. India’s crude imports dipped in April to average 4.2 mb/d, impacted by the government-ordered lockdown over the month. India’s product imports experienced a continued decline, weighed down by similar factors, averaging below 1.0 mb/d for the first time this year. India’s product exports edged slightly higher in April, as refiners looked to international markets to drain excessively high inventories.
Commercial Stock Movements
Preliminary April data showed that total OECD commercial oil stocks rose by 107.7 mb m-o-m to stand at 3,069 mb. This is 184 mb higher than the same time one year ago and 140.6 mb above the latest five-year average. Within the components, crude and products stocks rose by 58.1 mb and 49.6 mb m-o-m, respectively. OECD crude stocks stood at 57.9 mb above the latest five-year average, while product stocks exhibited a surplus of 82.6 mb compared to the latest five-year average. In terms of days of forward cover, OECD commercial stocks fell by 4.2 days m-o-m in April to stand at 80.7 days. This is 19.9 days above April 2019, and 18.6 days above the latest five-year average.
Balance of Supply and Demand
Demand for OPEC crude in 2019 is revised down by 0.5 mb/d from the previous assessment, standing at 29.4 mb/d, which is 1.1 mb/d lower than the 2018 level. Demand for OPEC crude in 2020 is also revised down by 0.7 mb/d from the previous month, standing at 23.6 mb/d, which is around 5.8 mb/d lower than in the previous year.
Source: OPEC
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 24 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.28 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.74 points Monday, down 0.28 percent week on week.
The index, released by Chi ...
Monday, 23 March 20
CHARTERPARTY REQUIREMENTS TO NOTIFY CLAIMS - TAKE CARE! - WFW
KNOWLEDGE TO ELEVATE
Voyage charterparties frequently require the owner to notify any claim with supporting documents within a relatively shor ...
Monday, 23 March 20
COAL INDIA LIMITED'S ONE-DAY OUTPUT PEAKS AT 3.17 MT - THE HINDU
Coal India Limited (CIL) output peaked at a new high of 3.17 million tonnes (MT) on March 20, overtaking the 3.14 MT production recorded on March 2 ...
Monday, 23 March 20
KOMIPO INVITED BIDS FOR 1.45 MILLION TONS OF COAL FOR JUNE & JULY 2020 LOADING
COALspot.com: Korea Midland Power Co.,Ltd (KOMIPO), on behalf of five Korean Gencos, has issued an international tender for total 1,450,000 MT (&pl ...
Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
|
|
|
Showing 1051 to 1055 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- PTC India Limited - India
- The University of Queensland
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
|
| |
| |
|
