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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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Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
Sunday, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
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Showing 101 to 105 news of total 6871 |
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- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
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