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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
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