We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and traded to its lowest level since July. Meanwhile, NYMEX WTI settled below US$80/bbl for the first time since August. The market is clearly less concerned about the potential for Middle Eastern supply disruptions and is instead focused on an easing in the balance. Prompt time spreads have weakened, suggesting a less tight physical market. And while there are clear demand concerns hovering over the market, supply dynamics have also played a role. For example, Russian seaborne crude oil exports have grown in recent months, which suggests that Russia is not sticking to its additional voluntary cut.
The recent price weakness is likely to lead to growing noise from OPEC+ and in particular from Saudi Arabia. Whilst Saudi Arabia and Russia confirmed that they would continue with their additional voluntary cuts through until the year-end, it is increasingly likely that they will extend this into the new year if this downward pressure continues. The Saudis would like to keep Brent above US$80/bbl, as this is roughly where their fiscal breakeven price is. Our oil balance shows that the market will be in surplus in 1Q24, so further cuts are something we could certainly see.
The weakness seen yesterday is likely to continue today. The API released inventory numbers overnight which were bearish. US crude oil inventories increased by 11.9MMbbls over the last week, while Cushing crude oil stocks grew by 1.1MMbbls. For refined products, gasoline inventories fell by 400Mbbls and distillate fuel oil stocks increased by 1MMbbls. The more widely followed EIA inventory report will be released later today.
In the EIA’s latest Short-Term Energy Outlook, there was little change to US crude oil production estimates. US crude oil output is expected to average 12.9MMbbls/d this year, up 1MMbbls/d YoY, while supply growth is expected to be much more modest next year, increasing by less than 250Mbbls/d to average 13.15MMbbls/d
Chinese October trade data released yesterday showed a fall in the trade surplus last month with weaker exports. However, imports were stronger, including crude oil. Crude oil imports averaged 11.58MMbbls/d in the month, up 3.7% MoM and 13.5% higher YoY. This leaves cumulative imports for the year at 11.41MMbbls/d, up 14.4% YoY. Stronger imports over the course of this year may reflect a recovery in domestic demand, while there will also be a fair amount of stock building.
Metals – China boosts gold reserves
China expanded its gold reserves for a twelfth straight month in October, according to the latest data from the People’s Bank of China (PBoC). The country raised its gold reserves by around 23 tonnes to a total of 2,215 tonnes last month. China has added about 266 tonnes of gold in the last twelve months through October. In general, central bank demand over the third quarter has been strong, because of the geopolitical environment, and with this uncertainty set to linger, we are likely to see central banks continuing to add to their holdings in the coming months.
China released its preliminary trade data for metals yesterday which shows total monthly imports for unwrought copper jumped 23.7% YoY (+4% MoM) to 500.2kt in October due to declining domestic inventories and firm demand. However, cumulative imports are still down 6.7% YoY to total 4.49mt over the first ten months of the year as stronger domestic production weighed on overseas purchases. Imports of copper concentrate rose 11.3% YoY to 2.31mt last month, while year-to-date imports rose 9.2% YoY to 22.6mt. In ferrous metals, iron ore imports rose 4.6% YoY to 99.4mt in October, however, were down almost 2% MoM as steel output declined following the seasonal slump in construction activity. Cumulative iron ore imports are up 6.5% YoY to 975.8mt.
On the export side, China’s unwrought aluminium and aluminium product shipments fell 8.1% YoY to 440.3kt last month, while year-to-date exports declined 17% YoY to 4.7mt over the first ten months of the year. Meanwhile, exports of steel products jumped 34.8% YoY to 74.7mt during Jan’23-Oct’23.
Agriculture – Chinese soybean imports surge
The latest trade numbers from China show that soybean imports rose 25% YoY to 5.2mt in October as domestic crushers increased purchases taking advantage of higher supplies from Brazil. Cumulative imports rose 14.6% YoY to 82.4mt over the first ten months of the year.
Weekly data from the European Commission show that soft wheat shipments for the season so far fell 25% YoY to 9.95mt as of 2 November. Morocco, Algeria, and Nigeria were the top destinations for these shipments. The commission added that corn imports over the same period stood at 5.8mt, down 43% compared to a year ago. Weaker corn imports reflect a recovery in EU corn production this season.
Source: ING
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
|
|
|
Showing 81 to 85 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Parliament of New Zealand
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Economic Council, Georgia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
|
| |
| |
|
