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.
|
|
Wednesday, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
Tuesday, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
|
|
|
Showing 1886 to 1890 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- The University of Queensland
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
|
| |
| |
|
