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Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
 Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a little more than 1.3% lower on the day. This is despite OPEC releasing its monthly oil market report which suggests that the market will continue to tighten for the remainder of the year. OPEC made little in the way of changes to its global oil demand forecasts for the rest of this year and for 2024. However, the group did revise higher its 2023 non-OPEC supply estimates by a little more than 100Mbbls/d on the back of upward revisions to Russian supply. OPEC numbers suggest that demand for OPEC oil over the third quarter will be 29.56MMbbls/d, which is well above the 27.31MMbbls/d that OPEC produced in July. The call on OPEC output grows to 30.74MMbbls/d in the fourth quarter, whilst over 2024, the group’s numbers suggest demand of 30.08MMbbls/d for OPEC oil.
Given the current production targets of OPEC+ until 2024, these numbers suggest global oil inventories will draw for the remainder of this year and over 2024. The International Energy Agency (IEA) will publish its latest monthly oil market report later today, where it will share its latest outlook for the market.
The significant cuts that we are currently seeing from OPEC+ continue to be supportive for medium sour crudes. The Brent-Dubai spread remains in negative territory and in fact has traded to a discount of more than US$1.20/bbl – lower than the levels seen during 2020, when OPEC+ made significant cuts. The weakness in Brent relative to Dubai should mean that Atlantic Basin crudes should be more appealing to Asian buyers. It is difficult to see any significant reversal in the spread before Saudi Arabia starts unwinding its additional voluntary supply cuts.
Having rallied significantly earlier in the week, following supply risks around Australian LNG, the European gas market gave back some of these gains yesterday, with TTF settling more than 6.6% lower on the day. The European gas market remains in a comfortable situation with storage more than 88% full and it is clear that the region will hit its target of 90% by 1 November, well ahead of schedule. However, the market will still need to keep a close eye on how labour negotiations progress in Australia. The potential for prolonged industrial action at a number of Australian LNG facilities could put a little over 10% of global LNG supply at risk, and given Europe’s growing reliance on LNG, this would (as already seen in recent days) have an impact on European gas prices as Asian buyers compete more aggressively for alternative supply.
Agriculture – UNICA reports higher cane crush
The latest fortnightly report from UNICA shows that sugar cane crushing in Centre-South Brazil rose to 53mt, up 7.8% year-on-year in the second half of July. The cumulative sugar cane crush for the season increased by 9.7% YoY to 311.3mt. Sugar production rose 11.3% YoY to 3.7mt in 2H July, with 50.7% of cane allocated to sugar production in the fortnight, higher than the 47.7% allocated in the same period last year. Cumulative sugar output so far this season stands at 19.2mt, up 19.8% YoY.
Meanwhile, in its quarterly report, the International Sugar Organization said that the global sugar market is expected to witness a deficit of 2.12mt in 2023/24 primarily due to lower output in major producing regions. Global production for the season is expected to reach 174.8mt, lower than the 177mt reported in 2022/23. Meanwhile, global sugar consumption is seen at 176.98mt, however, higher prices may prove to be a drag on consumption.
Ukraine’s Ministry of Agriculture revised domestic grain output to 56.4mt for the year, up from a previous expectation of 46mt. The above estimates include 28mt of corn (up 1.4% YoY) and about 21mt of wheat (in line with the last year’s harvest). The harvest estimates have increased despite lower sowing areas as favourable weather conditions have helped.
Source: ING
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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
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