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, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
|
|
|
Showing 1731 to 1735 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
|
| |
| |
|
