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, 27 October 17
U.S WEEKLY COAL PRODUCTION FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.9 million short tons ...
Thursday, 26 October 17
CYBER COVER FOR E-BILLS - PHILIP STEPHENSON
KNOWLEDGE TO ELEVATE
Increasingly popular electronic bills of lading are, by their nature, susceptible to the risk of cyber attack. Here, Stan ...
Thursday, 26 October 17
INDO TO CHINA ROUNDS SUPRAS ACHIEVING AROUND HIGH $14000 - FEARNLEYS
Supramax
By mid-week the market has been relatively quiet in the Pacific basin as well, but still some healthy rates being achieved on the differ ...
Thursday, 26 October 17
STRONG SIGNAL FOR AUSTRALIAN COAL DEMAND - GREG EVANS
The International Energy Agency’s Southeast Asia Energy Outlook report, released today, presents a positive outlook for Australian coal produ ...
Wednesday, 25 October 17
COAL MARKETS REMAINED SUBDUED - DANIEL HYNES
Coal markets remained subdued.
Daniel Hynes, Senior Commodity Strategist at ANZ, Coking coal prices were unchanged amid an absence of fresh of ...
|
|
|
Showing 1901 to 1905 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Australian Coal Association
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
|
| |
| |
|
