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.
|
|
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
|
|
|
Showing 1391 to 1395 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Planning Commission, India
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
|
| |
| |
|
