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.
|
|
Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
|
|
|
Showing 1 to 5 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Economic Council, Georgia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Posco Energy - South Korea
- PTC India Limited - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
|
| |
| |
|
1 