Precios del Petróleo, la OPEP y los Mercados
|
|
- Laurence Lindsey
- 6 years ago
- Views:
Transcription
1 Precios del Petróleo, la OPEP y los Mercados Javier Díaz Manager, Energy Analysis & Consulting S&P Global Platts August 23, 2017 X Feria y Congreso International BOLIVIA GAS & ENERGIA 2017
2 Key Themes in the Global Energy Markets - As US shale production and investment continues to grow, OPEC cuts are unlikely to meet objectives until year-end Short-term demand has rebounded, contributing to an increasingly less oversupplied crude and product market. - Global bunker spec change to 0.5% S in 2020 is a game changer - Long-term demand growth is expected to continue to increase, driven in by petrochemical demand. Electric vehicle growth poses some risk to demand, but penetration is expected to be gradual. - The US is the primary source of incremental supply. Continued shale growth in the long-term is needed to continue to meet global demand, but any downside risk to US supply could buoy global prices. 2
3 Short-term outlook: OPEC, US Shale, and Gasoline
4 What are OPEC s Objectives? Reduce Inventory- stocks below five year average requires 300 million barrel stock decline in first half 2017 Higher Prices- Objective $60/Bbl Brent Renew OPEC/Non-OPEC cuts after 6 months? Source: S&P Global Platts PIRA 4
5 Million barrels OPEC inventory objectives not expected to be met until 2018 due to persistent oversupply Total OECD Stocks and Forecast PIRA Forecast Million Barrels OPEC Inventory Objective Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Max Range ( ) PIRA 2017 Source: S&P Global Platts PIRA 5
6 OPEC Country Crude Production MMB/D v v 17 Algeria Angola Ecuador Gabon Indonesia Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia UAE Venezuela Total OPEC
7 % of Production IRR IRR and production mix 100% 90% 80% 70% 30% 25% 20% 60% 50% 40% 30% 20% 10% 0% 15% 10% 5% 0% -5% July 2017 Price Assumptions: $46.03/barrel) Oil% Gas% NGL% IRR Gas=12 month forward average curve for each regional pricing point (range $ $3.11/Mcf) Oil=12 month forward average WTI +/- differential (range $ NGLs=weighted average $/barrel, 12-mo forward average Mt. Belvieu
8 US shale production continues to grow on low breakeven levels for new wells US Shale Breakeven Prices at Wellhead Source: S&P Global Platts PIRA 8
9 WTI ($/bbl) # of active rigs US rig activity, spare capacity increasing, US producers invest billions despite low prices $120 $100 0 $80 $60 $40 $20 $0 US Spare Capacity: Drilled-but-Uncompleted Wells WTI Prices and Active Rig Count WTI Active Rigs Source: S&P Global Platts PIRA 9
10 US RIG COUNTS: 12 Month Change 2/+1 53/+ 29 0/+0 15/+10 9/+4 13/+12 33/+20 9/+5 27/+14 3/-1 2/+1 24/+15 21/ /+14 11/+6 4/+3 0/+0 130/+66 9/+6 2/+2 1/-1 386/ /-1 20/+9 46/+34 25/+13 5/-1 7/+4 TOTAL 1018 Rig Increases Dry Gas Focused Areas Rig Increases Liquids-Rich/Oil Focused Areas 81/+45 36/-14 CHANGE +550 Rig Declines Source: S&P Global, Platts Analytics, July 2017 Active rig count: July 7, 2017 / Change in rig count from July 1, 2016
11 MMb/d US production expected to rebound and reach record highs by year-end, ramp in ,0 US Crude Production Forecast 10,5 10,0 9,5 Previous production record 9,0 8,5 8,0 Crude Oil Crude Oil - Forecast Source: S&P Global Platts PIRA 11
12 Oil MB/D Year-on-Year Change Non-OPEC Supply Growth OPEC NGL/Cond. Other China Other Western Europe North Sea FSU Mexico Canada United States
13 MB/D Year-on-Year Changes World Oil Demand Growth (0.3) (0.6) Ind. Atl. Basin Japan/ANZ Asia S. America Africa/Middle East FSU/E. Eur
14 Millon barrels, end month Surplus expected to dwindle, return to normal by year-end 2018, another year of oversupply Global Commercial Stock Surplus, Forecast Source: S&P Global Platts PIRA 14
15 $/bbl Low crude prices to persist as US supply grows, prices increase slightly on growing demand $70 $65 $60 $55 $50 $45 $40 $35 $30 Global Crude Price History and Forecast 2018 Avg: Dec 2017: $50.77/bbl $47.45/bbl Dec 2018: $52.55/bbl WTI Dated Brent Source: S&P Global Platts PIRA 15
16 Crude Balances Shifting from Atlantic Basin Pull to Push to Asia MMB/D Atlantic Basin* Crude Balance Implications of A/B length: A/B crude weaker vs. Asia 40 Length Narrower Brent-Dubai Crude Short Crude Production* Refinery Runs Helps A/B refining margins Harder to arb product from Asia to West due refinery crude cost advantage in West * Atlantic Basin includes U.S., Canada, Latin America, Europe, and Africa; Crude includes FSU supply to West
17 $/bbl $/bbl $/bbl Refining Margins Incentivizing Crude Consumption and Product Production $20 USGC Crack Margins - LLS $14 Rotterdam Crack Margins - Forties $9 Singapore Crack Margins - Dubai $18 $16 $14 $12 $10 $12 $10 $8 $8 $7 $6 $5 $8 $6 $4 $6 $4 $3 $4 $2 $2 $2 $1 $0 $0 $0 Source: S&P Global Platts PIRA 17
18 MB/D Year-on-Year Changes Global demand helping to balance the market, demand expected to rebound in Global Demand Growth (Y-o-Y) by Product Type Gasoline/Naphtha Jet/Diesel/Gasoil Fuel Oil Other Products 1,320 1,780 1,840 1, ,285 1,035 1, Source: S&P Global Platts PIRA 18
19 United States a Growing Product Exporter European Runs Decline MMB/D United States Demand Runs MMB/D Western Europe Product Short Product Length *Demand excludes biofuels, ethane, LPG, by-products
20 Product Import Requirements Remain Substantial Into Latin America and Africa MMB/D 8,0 Latin America Demand MMB/D 4,5 Africa 7,5 Runs 4,0 7,0 3,5 6,5 Product Short 3,0 Product Short 6,0 Product Length 2,5 5,5 2,0 5,0 1,5 *Demand excludes biofuels, ethane, LPG, by-products
21 Globlal Bunker Spec Change A Game Changer for Refining and for Bolivia
22 Bunker Fuel Spec Changes Will Force Shift from Residual Fuels to Distillates/Blends Global Bunker Demand, MMB/D 7 6 LNG Distillates High Sulfur (~3%) Residual Fuel Oil Dist for Blending LS HFO 0.5% S Blend Assumes global shift implemented in 2020 with minimal cheating/lags Source: S&P Global Platts PIRA
23 Middle Distillate Fuel Oil Price Spreads Restrained Until Approach 2020, Then Much Wider Gasoil- HS Fuel Oil, $/Bbl USG NWE Singapore Bunker Specs Shift Demand
24 Refineries not investing in refinery complexity, reduces ability to create low-sulfur fuel oil YOY Change, MB/D Global Refinery Conversion Capacity* Growth HCU FCC Coking *Net of refinery closures; reflects startup delays Source: PIRA, a part of S&P Global Platts 24
25 $/bbl Most Complex Refineries can Yield Higher Returns with more Infrastructure from Heavy Crudes USG LLS Cracking SING DUBAI Cracking USG Maya Coking Sing Bas Hvy Coking Global Refinery Margins Coking refineries running heavy crude Medium conversion (cracking) refineries Deep Conversion Margins Will Respond to Bunker Spec Change Effects Source: PIRA, a part of S&P Global Platts 25
26 Light-heavy Crude Price Differentials Will Widen With Wider Clean-Dirty Product Spreads 0 $/Bbl Urals (CIF Med) vs. Brent -5 Mars (30 API) vs. LLS -10 Maya (22 API) vs. LLS Canadian Heavy (22 API) vs. Can. Lt. Sweet Source: PIRA, a part of S&P Global Platts 26
27 Global Bunker Spec Change Implications for Operations and Price Global bunker spec change a major challenge» IMO selected 2020 implementation date» Much harder to balance product S-D in 2020 than in 2025 Product pricing and refining margins will be greatly affected» Diesel stronger» HSFO weaker» LSFO stronger relative to HSFO» LS VGO stronger» LS HS crude differentials wider (sour medium-heavy especially hurt)» Coking refinery margins boosted, sour refinery visbreaking margins hurt All Inter-regional spreads wider due higher freight costs Middle East and East Asia bunkering centers short LS molecules
28 Changing Demand Dynamics
29 MBOE/day Primary Energy Demand Growth Slowing, Renewables Leading Annual Growth Oil 1.5% 1.0% Gas 2.5% 2.1% Coal 2.5% -0.9% Hydro 2.3% 0.7% Nuclear 0.5% 1.5% Renewables 5.9% 4.8% Total 2.1% 5% 1.1% 26% 12% 16% Oil Gas Coal Hydro Nuclear Renewables Source: S&P Global Platts PIRA
30 Annual Growth (MMb/d) Long-term demand for oil to shift to petrochemicals 1,0 Oil Demand Growth by End-Use Sector 0,8 0,6 0,4 0,2 0,0 (0,2) (0,4) Stationary Transport - Road Transport - Air Non-Energy Oil Demand Growth Increasingly Dominated by Non-Energy Use Source: S&P Global Platts PIRA 30
31 MMBD/YR Road Transport Fuels Growth Slows Sharply 1 Growth by Oil Product 0,8 0,6 0,4 0,2 0-0,2-0,4 Distillate Motor Gasoline Jet Fuel Kerosene LPG + Ethane Residual Fuel All Other
32 Policy and technology driving long-term electric vehicle trends Address: Pollution, Safety, Congestion Instruments: Targets, mandates, subsidies, special power rates, tax policy, etc. Market Fundamentals Market Price signals: gasoline, electricity prices, environmental markets, consumer preferences, power market value Policy / Regulations Technology Source: S&P Global Platts PIRA Batteries, Charging Stations, Progress on ICE, Hybrids GPS, Smartphones
33 Conservative base-case EV penetration assumptions lead to persistent oil demand 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% Electric Vehicles Percent of Miles Travelled 0% U.S. W. Europe China India World 35% 30% 25% 20% 15% 10% 5% Electric Vehicles Percent of New Car Sales 0% U.S. W. Europe China India World Source: S&P Global Platts PIRA 33
34 Mb/d (year-on-year change) Asia expected to drive future demand growth, risk to demand lies in economic growth 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 (0,5) (1,0) World Oil Demand Growth Ind. Atl. Basin Japan/ANZ Asia S. America Africa/Middle East FSU/E. Eur. Source: S&P Global Platts PIRA 34
35 Supply Growth Driven by US Shale
36 MMb/d MMb/d Shale production, both in the US and globally, driving incremental crude supply World Oil Supply 1,8 1,6 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0-0,2-0,4 Annual Supply Growth by Type Shale Crude Non-Shale Crude NGL Non-Conventional Refinery Gain Shale Crude NGL Non-Shale Crude Refinery Gain Non-Conventional Source: S&P Global Platts PIRA 36
37 Mmboe/d MMb/d US expected to export most incremental hydrocarbon growth, impacting global markets 1,2 1,0 0,8 0,6 0,4 0,2 0,0 US Crude Exports by Destination 10,0 9,0 8,0 7,0 6,0 5,0 4,0 3,0 2,0 1,0 US Net Energy Exports Change from 2011 Canada South America Korea/Japan/China Europe Other Asia/Africa 0,0 Natural Gas NGLs Crude Oil Source: S&P Global Platts PIRA, EIA 37
38 MMb/d MMb/d US production to grow quickly in short-term, growth to dwindle in the long term US Shale Liquids Production Shale NGL Other Bakken Eagle Ford Permian 1,6 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 (0,2) (0,4) (0,6) Annual Growth - US Shale Liquids Shale NGLs Other Bakken Eagle Ford Permian Permian Source: S&P Global Platts PIRA 38
39 USD (billions) Financial markets, access to capital pose biggest risk to US production growth $35,0 $30,0 $25,0 Net Capital Inflows $20,0 $15,0 $10,0 $5,0 $0,0 -$5,0 -$10,0 Net Debt Issuance Common Stock Issuance Source: S&P Global Platts PIRA, CapIQ 39
40 MMb/d ~ 1MMb/d per year of incremental crude supply needed to meet global demand 4,0 3,0 2,0 1,0 Supply Volumes Required to Meet Global Demand Uncommitted Volumes Outside U.S. Shale: China, Australia, Mexico Canadian Oil Sands Outside US shale: Canada, Argentina, Russia North Sea Offshore Canada,Alaska, other U.S. GOM Brazil Caspian, China, other 0,0 Russia U.S. shale Source: S&P Global Platts PIRA 40
41 $/Bbl Global production more economic, higher crude prices are needed for supply outside the US Mandated Fuels, NGL 2014 Brent Equivalent Development Cost ($/Bbl) 2015 Brent Equivalent Development Cost ($/Bbl) 2016 Brent Equivalent Development Cost ($/Bbl) <$ 35/Bbl Middle East,Russia $35-50/Bbl Far East,Brazil, Mexico, Nigeria, E. Ford/ Permian $50-65/Bbl N. Sea, Angola, GOM, Bakken $65-80/Bbl Canadian oil sands >$80/Bbl U.S. stripper wells Global Liquids Supply, MMB/D Source: S&P Global Platts PIRA 41
42 Prices
43 $/bbl Weak economic growth, OPEC and shale grows beyond expectations lead to falling crude prices $150 $100 $50 $0 Crude Price Forecast with Low Price Scenario Brent (Ref) Brent(Low) Weaker demand growth due to weak economy and/or price, policy, technology Greater-than-anticipated growth in non-opec supply, particularly shale OPEC capacity growth (including Iraq) approaching.5 to 1 MMB/D/year Technology improvement pushes breakeven costs down Ineffective OPEC Source: S&P Global Platts PIRA 43
44 $/bbl OPEC disruptions and under-investment, shale disappoints poses upside to crude prices $140 $120 $100 $80 $60 $40 $20 $0 Crude Price Forecast with High Price Scenario Brent (Ref) Brent (High) OPEC capacity growth limited due to disruptions, under-investment Regulatory limits on shale, non-conventional rate of growth Price must move high enough to ration demand to available supply Source: S&P Global Platts PIRA 44
45 Muchas Gracias! Javier Díaz Manager, Energy Analysis & Consulting Direct: +1 (720)
Market Report Series: Oil 2018 Analysis & Forecasts to Energy Community 10 th Oil Forum, Belgrade, 25 September 2018
Market Report Series: Oil 218 Analysis & Forecasts to 223 Energy Community 1 th Oil Forum, Belgrade, 25 September 218 Short term update: crude prices (excl. WTI) up strongly Aug/Sep $/bbl 8 Benchmark Crude
More informationA summary of national and global energy indicators. FEDERAL RESERVE BANK of KANSAS CITY
THE U.S. Energy DATABOOK A summary of national and global energy indicators JULY 1, 17 FEDERAL RESERVE BANK of KANSAS CITY SUMMARY OF CURRENT ENERGY CONDITIONS The number of total active drilling rigs
More informationThe Changing composition of bunker fuels: Implications for refiners, traders, and shipping
Platts 4 th European Refining Markets Conference The Changing composition of bunker fuels: Implications for refiners, traders, and shipping Wade DeClaris, EVP Marine World Fuel Services Corp. Agenda: Role
More informationThe Supply of Oil. Projections to Oil and the Macroeconomy in a Changing World Federal Reserve Bank of Boston June 9, 2010 Boston, MA
The Supply of Oil Projections to 2035 Oil and the Macroeconomy in a Changing World Federal Reserve Bank of Boston June 9, 2010 Boston, MA Howard Gruenspecht, Deputy Administrator Near-term oil price uncertainty
More informationFundamental Oil Market Outlook
Fundamental Oil Market Outlook ICE Forum David Wech JBC Energy GmbH 13 November 2012 Research - Energy Studies - Consulting - Training 21 November 2012 Slide 1 Disclaimer All statements other than statements
More informationRegional Refining Outlook
Regional Refining Outlook Implications for Crude Demand Platts Crude Summit 15 May 213 David Wech JBC Energy GmbH 13 th May 213 Research - Energy Studies - Consulting - Training Disclaimer All statements
More informationNew York Energy Forum
Presentation at the New York Energy Forum 30 June 2014 Antoine Halff The oil market at a junction Balances loosen up on paper but must be seen in perspective The unconventional supply revolution enters
More informationINTERTANKO Istanbul Tanker Event. Demand Developments. David Martin Oil Industry & Markets Division OECD/IEA
INTERTANKO Istanbul Tanker Event Demand Developments David Martin Industry & s Division david.martin@iea.org - Istanbul, April 20-23, 2008 Medium-Term Outlook What is driving oil prices? Fundamentals or
More informationUS Crude Oil Reshaping International Crude Oil Flows. Olivier Jakob,
US Crude Oil Reshaping International Crude Oil Flows Olivier Jakob, ojakob@petromatrix.com www.petromatrix.com Claimer Petromatrix publishes since 2006 a daily market note on the oil markets Our reports
More informationMarket Report Series Oil 2018 Analysis and Forecasts to Columbia University Centre on Global Energy Policy, New York, May 22 nd 2018
Market Report Series Oil 218 Analysis and Forecasts to 223 Columbia University Centre on Global Energy Policy, New York, May 22 nd 218 Robust global oil demand growth to 223 1.8 1.6 1.4 1.2 1..8.6.4.2.
More informationPerforming In A Volatile Oil Market
Performing In A Volatile Oil Market Matti Lehmus Executive Vice President, Oil Products Capital Markets Day Key Trends Impacting Refining Margins Demand growth to resume after steep drop Supply growth
More informationRecent Developments in EU Refining and in the Supply and Trade of Petroleum Products
Recent Developments in EU Refining and in the Supply and Trade of Petroleum Products Third Meeting of the EU Refining Forum Brussels, 22 May 2014 Toril Bosoni, International Energy Agency OECD/IEA 2014
More informationIEA Refinery Outlook European Recovery in Sight?
IEA Refinery Outlook European Recovery in Sight? Platts 6 th Annual European Refining Markets Conference Brussels, 24-25 September 2012 Toril Bosoni, International Energy Agency Subdued Global Oil Demand
More informationThe Changing Face of Global Refining
The Changing Face of Global Refining OPIS National Supply Summit Las Vegas, Nevada October 24-26, 2010 John B. O Brien, Executive Chairman Baker & O Brien, Inc. All rights reserved. The Changing Face of
More informationFor Region 5 and Region 7 Regional Response Teams Meeting April 22, 2015 St. Charles, Missouri via video/teleconference
For Region 5 and Region 7 Regional Response Teams Meeting St. Charles, Missouri via video/teleconference By Grant Nülle, Upstream Oil & Gas Economist, Exploration and Production Analysis Team U.S. Energy
More informationTable 1: World Oil Supply And Demand
INTERNATIONAL ENERGY AGENCY - OIL MARKET REPORT TABLES Table 1 WORLD OIL SUPPLY AND DEMAND Table 1: World Oil Supply And Demand (million barrels per day) TABLES 2012 2013 1Q14 2Q14 3Q14 4Q14 2014 1Q15
More informationOil Markets into Peter Davies Chief Economist, BP plc British Institute of Energy Economics London. 24 January, 2006
Oil Markets into 26 Peter Davies Chief Economist, BP plc British Institute of Energy Economics London. 24 January, 26 Outline Oil and energy today How did we get to here? Prospects for 26 Into the medium
More informationTable 1 WORLD OIL SUPPLY AND DEMAND (million barrels per day)
INTERNATIONAL ENERGY AGENCY - OIL MARKET REPORT TABLES TABLES Table 1 WORLD OIL SUPPLY AND DEMAND (million barrels per day) 2011 2012 1Q13 2Q13 3Q13 4Q13 2013 1Q14 2Q14 3Q14 4Q14 2014 1Q15 2Q15 3Q15 4Q15
More informationTable 1 TABLES INTERNATIONAL ENERGY AGENCY OIL MARKET REPORT 15 MAY
INTERNATIONAL ENERGY AGENCY OIL MARKET REPORT TABLES Table 1 Table WORLD 1 - World OIL SUPPLY Oil Supply AND DEMAND and Demand (million barrels per day) 2010 2011 1Q12 2Q12 3Q12 4Q12 2012 1Q13 2Q13 3Q13
More informationQ Analyst Teleconference. 9 August 2018
9 August 218 Disclaimer This presentation contains forward-looking statements that reflect the Company management s current views with respect to certain future events. Although it is believed that the
More informationGlobal Overview of Middle Distillates Supply and Demand ICE Market Forum Rotterdam, November 2012
Global Overview of Middle Distillates Supply and Demand ICE Market Forum Rotterdam, November 2012 About Petromatrix Based in Switzerland (city of Zug) Publishes a daily newsletter on oil markets Mix of
More informationMarket Report Series Oil 2018
Market Report Series Oil 218 Norwegian Ministry of Energy, 17 April 218 Neil Atkinson, Head of Oil Industry and Markets Division Toril Bosoni, Senior Oil Market Analyst, Oil Industry and Markets Division
More informationSulphur Market Outlook
Sulphur Market Outlook The Outlook for the future Supply and Balance of the Global Sulphur Market Joanne Peacock, CRU International/BSC Creon Moscow December 2009 LONDON RALEIGH WASHINGTON MINNEAPOLIS
More informationGlobal Refining: Fueling Profitability in the Turbulent Times Ahead. Sponsored by:
Global Refining: Fueling Profitability in the Turbulent Times Ahead Sponsored by: The Outlook for Energy: A View to 24 Roland L. Moreau ExxonMobil Upstream Research Company Hart Energy Breakfast Club February
More informationOil Market Outlook 100 dollar oil In the cards again?
Oil Market Outlook 100 dollar oil In the cards again? Geopolitical events, a global bunker spec change plus the effect of CAPEX cuts in 2014-16 makes for a potent mix in 2020 DNB oil story in pictures
More informationMeasuring the Quality of the Crude Oil Supply and its Impact on Basis Differentials
Measuring the Quality of the Crude Oil Supply and its Impact on Basis Differentials Quality Flexibility Relationship Innovation Information = Advantage Ali AL-SUMAITI PhD Candidate, Colorado School of
More informationWhere Are Oil Prices Headed? Graham Loveland Senior Consultant, Oil
Resource Scramble or Market Rebalance: Where Are Oil Prices Headed? Graham Loveland Senior Consultant, Oil Presentation Outline & Approach Outline Key messages Demand Supply Costs & Prices Refining & Products
More informationRecent Developments in EU Refining and in the Supply and Trade of Petroleum Products
Recent Developments in EU Refining and in the Supply and Trade of Petroleum Products Second Meeting of the EU Refining Forum Brussels, 27 November 2013 Toril Bosoni, International Energy Agency OECD/IEA
More informationWORLD OIL SUPPLY AND DEMAND (million barrels per day)
INTERNATIONAL ENERGY AGENCY OIL MARKET REPORT TABLES TABLES Table 1 WORLD OIL SUPPLY AND DEMAND (million barrels per day) 2005 2006 1Q07 2Q07 3Q07 4Q07 2007 1Q08 2Q08 3Q08 4Q08 2008 1Q09 2Q09 3Q09 4Q09
More informationA perspective on the refining industry. Platts European Refining Summit Brussels, 29 September2016 Kristine Petrosyan, International Energy Agency
A perspective on the refining industry Platts European Refining Summit Brussels, 29 September2016 Kristine Petrosyan, International Energy Agency OECD/IEA 2016 mb/d European refiners: busy 2015 OECD Europe
More informationGlobal Downstream Petroleum Outlook
Global Downstream Petroleum Outlook Claude Mandil Executive Director International Energy Agency 3 rd OPEC International Seminar Vienna, 12 September 26 Spare Refinery Capacity Has Tightened 9 1% 85 95%
More informationThe Global Downstream Market
The Global Downstream Market ANIMP Add. 2 1 The global picture The market is a challenging one for many refiners, but the picture is varied, region by region Significant capacity expansion is expected
More informationBunkers - pricing outlook
Bunkers - pricing outlook Robin Meech Marine and Energy Consulting Limited London Rmeech@RobinMeech.com 1 Marine and Energy Consulting Limited (MECL) was established 12 years ago Consulting Services Ship
More informationMedium-term Coal Market Report 2011 Carlos Fernández Alvarez. Senior Coal Analyst. Gas, Coal and Power Markets Division
Medium-term Coal Market Report 211 Carlos Fernández Alvarez. Senior Coal Analyst. Gas, Coal and Power Markets Division Madrid, 31 January 212 The context Uncertainties will fundamentally shape the medium-term
More informationERGMed Coastal. Refining
ERGMed Coastal Refining 11 Refining Industry Trend: Capacity World total oil products demand and crude runs increasing, faster than refining capacity. World Source: International Energy Agency (IEA), Oil
More informationMay 2018 Short-Term Energy Outlook
May 2018 for Williston Basin Petroleum Conference Bismarck, N.D. by Dr. Linda Capuano Administrator U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov Brent crude oil
More informationEnergy Outlook. U.S. Energy Information Administration. For EnerCom Dallas February 22, 2018 Dallas, TX
Energy Outlook For EnerCom Dallas Dallas, TX Jeff Barron Industry Economist, U.S. Energy Information Administration U.S. Energy Information Administration Independent Statistics & Analysis www.eia.gov
More informationPREVIEW FundamentalEdge Report October 2018
GLOBAL CRUDE OIL SUPPLY AND DEMAND PREVIEW FundamentalEdge Report October 2018 learn more at drillinginfo.com Key Takeaways This is a PREVIEW of a 20+ Page Report Global Crude Oil Supply and Demand is
More informationDefining the Debate: Crude Oil Exports
Defining the Debate: Crude Oil Exports Trisha Curtis, Director of Research Upstream and Midstream Energy Policy Research Foundation, Inc. (EPRINC) Brookings Task Force February 28th, 214 About EPRINC www.eprinc.org
More informationImplications Across the Supply Chain. Prepared for Sustainableshipping Conference San Francisco 30 September 2009
Implications Across the Supply Chain Prepared for Sustainableshipping Conference San Francisco 30 September 2009 Agenda Residual Markets & Quality Refinery Bunker Production Supply & Pricing 2 World marine
More informationCurrent Oil Market Issues. Energy Training Week Paris, April 2013
Current Oil Market Issues Energy Training Week Paris, April 2013 Short and Medium-Term Analysis & Forecasting: Current Oil Market Issues Antoine Halff Crude oil prices retreat from recent highs $/bbl 130
More informationTable 1 WORLD OIL SUPPLY AND DEMAND (million barrels per day)
INTERNATIONAL ENERGY AGENCY - OIL MARKET REPORT TABLES Table 1 WORLD OIL SUPPLY AND DEMAND (million barrels per day) 2004 2005 1Q06 2Q06 3Q06 4Q06 2006 1Q07 2Q07 3Q07 4Q07 2007 1Q08 2Q08 3Q08 4Q08 2008
More informationStrategic Factors Impacting The California Crude Oil Market. About Purvin & Gertz, Inc. California Independent Petroleum Association
Strategic Factors Impacting The California Crude Oil Market Hyatt Regency Huntington Beach Mike Sarna Eric Wei Long Beach Office 1 About Purvin & Gertz, Inc. Privately-Owned, Independent International
More informationRice Global E&C Forum August 9, 2013
Rice Global E&C Forum August 9, 2013 Midyear Forecast: July 1, 2013 Conglin Xu, Senior Editor-Economics Laura Bell, Statistics Editor Alan Petzet, Chief Editor-Exploration Forecast & Review: Jan. 7, 2013
More informationASPHALT SUPPLY IN A VOLATILE OIL WORLD. Bill Haverland ConocoPhillips Company
ASPHALT SUPPLY IN A VOLATILE OIL WORLD Bill Haverland ConocoPhillips Company Issues to be Discussed Crude Oil Supply Crude Oil Pricing Refining Capacity Products Supply Products Pricing Future of the Industry
More informationAbstract Process Economics Program Report 222 PETROLEUM INDUSTRY OUTLOOK (July 1999)
Abstract Process Economics Program Report 222 PETROLEUM INDUSTRY OUTLOOK (July 1999) Global energy demand is rising, with fossil fuels oil, natural gas, and coal continuing to provide more than 90% of
More informationASPHALT SUPPLY IN A VOLATILE OIL WORLD
ASPHALT SUPPLY IN A VOLATILE OIL WORLD Bill Haverland ConocoPhillips Baxter Burns Ergon CRUDE OIL SUPPLY A WORLD LOOK Crude Oil Supply (2006) World Crude Oil Production Millions of Barrels Per Day FSU/E.
More informationCrude Oil Markets, Structures, and Mechanisms. Jenna Delaney, Senior Energy Analyst, Platts Bentek Products May 2017
Crude Markets, Structures, and Mechanisms Jenna Delaney, Senior Energy Analyst, Platts Bentek Products May 2017 Disclaimer Restrictions on Use: You may use the prices, indexes, assessments and other related
More informationPetroleum and Natural Gas Situation
Petroleum and Natural Gas Situation John C. Felmy Chief Economist and Director Statistics Department American Petroleum Institute Felmyj@api.org www.api.org www.gasolineandyou.org www.naturalgasfacts.org
More informationGas & electricity - at a glance
$/barrel /tco 2 e p/therm /MWh Gas & electricity - at a glance Week-on-Week Annual Gas Price Changes Short-term gas contracts jump Cold snap forecast for the first half of February, lifting demand Longer-dated
More informationMethodology. Supply. Demand
Methodology Supply Demand Tipping the Scale 1 Overview Latin America and the Caribbean, a major petroleum product importing region, provides an important counterbalance to surpluses in refined product
More informationThe Outlook for Energy: A View to 2040
The Outlook for Energy: A View to 24 Dr. David Khemakhem Riyadh, Kingdom of Saudi Arabia March 25, 213 This presentation includes forward-looking statements. Actual future conditions (including economic
More informationASPHALT SUPPLY IN A VOLATILE OIL WORLD. Bill Haverland ConocoPhillips Company
ASPHALT SUPPLY IN A VOLATILE OIL WORLD Bill Haverland ConocoPhillips Company Issues to be Discussed Crude Oil Supply Crude Oil Pricing Refining Capacity Products Supply Products Pricing Future of the Industry
More informationCERI Commodity Report Crude Oil
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Well Count CERI Commodity
More informationEnergy Challenges and Costs for Transport & Mobility. 13th EU Hitachi Science and Technology Forum: Transport and Mobility towards 2050
Energy Challenges and Costs for Transport & Mobility 13th EU Hitachi Science and Technology Forum: Transport and Mobility towards 25 Dr. Lewis Fulton Head, Energy Policy and Technology, IEA www.iea.org
More informationImplications for Security of Supply. Clingendael International Energy Programme The Hague 4 April Toril Bosoni, International Energy Agency
IEA Refinery Rationalisation Implications for Security of Supply Clingendael International Energy Programme The Hague 4 April 20122 Toril Bosoni, International Energy Agency Background Since the economic
More informationRESULTS FOR Q ANALYST TELECONFERENCE
RESULTS FOR Q4 216 ANALYST TELECONFERENCE Market 1 2 Operation Financials 3 Market 1 216 Fourth Quarter Market Conditions Product Market Crude Oil Postponed Maintenances Started to take place High Agricultural
More informationStockholm. What s Driving OPEC? 4 March Network Oil & Gas Sweden. Stephen George, Chief Economist KBC Advanced Technologies plc
What s Driving OPEC? Stockholm 4 March 215 Network Oil & Gas Sweden Stephen George, Chief Economist KBC Advanced Technologies plc Contents copyright KBC Advanced Technologies plc, 215 KBC Advanced Technologies
More informationThursday, March 6, 2014 Houston, TX. 8:30 9:40 a.m. AN ECONOMIST S-EYE VIEW OF THE ENERGY INDUSTRY: HYDROCARBON HAT TRICK
Thursday, March 6, 214 Houston, TX 8:3 9:4 a.m. AN ECONOMIST S-EYE VIEW OF THE ENERGY INDUSTRY: HYDROCARBON HAT TRICK Presented by Jesse Thompson Business Economist Federal Reserve Bank of Dallas, Houston
More informationDOWNSTREAM PETROLEUM 2017 DOWNSTREAM PETROLEUM
DOWNSTREAM PETROLEUM International and Asian Refining The global refining industry is fundamentally changing as emerging and maturing trends re-shape the global supply and demand patterns for crude oil
More informationB A K E R & O B R I E N
B A K E R & O B R I E N I N C O R P O R A T E D Q3 : U. S. Refining Margins Remain Robust Special Topic: Domestic Light Oil Processing in the U.S. Gulf Coast Have We Hit the Limit? Houston, October 30,
More informationКонференция «Глобальные и локальные рынки нефти, газа и нефтепродуктов»
Конференция «Глобальные и локальные рынки нефти, газа и нефтепродуктов» МИРОВЫЕ РЫНКИ НЕФТИ СОСТОЯНИЕ ПЕРСПЕКТИВЫ И РИСКИ В УСЛОВИЯХ ВОЗРАСТАЮЩЕЙ КОНКУРЕНЦИИ ПРОИЗВОДИТЕЛЕЙ Артём Чен Старший Аналитик,
More informationIssues to be Discussed ASPHALT SUPPLY IN A VOLATILE OIL WORLD. Crude Oil Supply (2006) CRUDE OIL SUPPLY. Crude Oil Demand CRUDE OIL PRICING
6 SEAUPG CONFERENCE - WILMINGN, NORTH CAROLINA Issues to be Discussed ASPHALT SUPPLY IN A VOLATILE OIL WORLD Bill Haverland ConocoPhillips Company Crude Oil Supply Crude Oil Pricing Refining Capacity Products
More informationENERGY SLIDESHOW. Federal Reserve Bank of Dallas
ENERGY SLIDESHOW Updated: January 16, 2019 ENERGY PRICES www.dallasfed.org/research/energy Brent & WTI & Crude Brent Oil Crude Oil Dollars per barrel 140 120 100 Brent (Jan 11 = $58.64) WTI (Jan 11 = $50.78)
More informationTurmoil in Refining The Shakeout Continues
Turmoil in Refining The Shakeout Continues OPIS National Supply Summit Las Vegas, Nevada October 22 24, 2012 John B. O Brien Executive Chairman Baker & O Brien, Inc. All rights reserved. Conclusions from
More information2014 年 6 月掲載禁無断転載 The Institute of Energy Economics, Japan Tokyo, 20 June 2014 Antoine Halff OECD/IEA 2014 OECD/IEA 2014
The Institute of Energy Economics, Japan Tokyo, 20 June 2014 Antoine Halff The oil market at a junction Balances loosen up on paper but must be seen in perspective The unconventional supply revolution
More informationLatest Update. OMR 14 Nov 2013
Latest Update OMR 14 Nov 2013 Prices $/bbl 120 115 110 105 100 95 90 85 Oil Prices Hit Four Month Lows WTI Downturn Far Outpaced Brent Losses Crude Futures Front Month Close 80 Oct 12 Jan 13 Apr 13 Jul
More informationCERI Commodity Report Crude Oil
1-Jun-10 1-Jul-10 1-Aug-10 1-Sep-10 1-Oct-10 1-Nov-10 1-Dec-10 1-Jan-11 1-Feb-11 1-Mar-11 1-Apr-11 1-May-11 1-Jun-11 1-Jun-10 1-Jul-10 1-Aug-10 1-Sep-10 1-Oct-10 1-Nov-10 1-Dec-10 1-Jan-11 1-Feb-11 1-Mar-11
More informationAdam Bedard, CEO ARB Midstream, LLC Midstream View on Rail. June 2, 2015
Adam Bedard, CEO ARB Midstream, LLC Midstream View on Rail June 2, 2015 ARB Midstream Overview Growth oriented, infrastructure development company focused on early stage, organic development projects Provide
More informationDrilling in North America s Low Oil Price Environment
Drilling in North America s Low Oil Price Environment AMM 8 th Steel Tube & Pipe Conference March 10, 2015 Nicole Leonard, Bentek Energy 2014 Platts, McGraw Hill Financial. All rights reserved. Key Takeaways
More informationIEA Analysis of Fossil-Fuel Subsidies for APEC
211/SOM3/DIA/3 Session 2 IEA Analysis of Fossil-Fuel Subsidies for APEC Submitted by: IEA Policy Dialogue on Fossil Fuel Subsidy Reform San Francisco, United States 23 September 211 IEA analysis of fossil
More informationOPEC PRIMARY ENERGY CONSUMPTION IN 2005 (1)
CHAPTER 4 I n 1384, political tensions in the Middle East and some oil-producing countries, sabotage in Iraq s oil industry and speculation in the market raised oil prices incrementally. As of the beginning
More informationWorld Oil Outlook A Perspective from OPEC
World Oil Outlook A Perspective from OPEC Dr. Fuad Siala OPEC Secretariat Transport, Energy & Fuels Working Together for a Sustainable Future Brussels, Belgium May 8-1, 27 Energy demand by fuel type 18
More informationGrowing Latin America: Feedstocks and Competitiveness
MIDSTREAM DOWNSTREAM CHEMICAL Presentation Growing Latin America: Feedstocks and Competitiveness November 216 ihsmarkit.com Dr. Nick Rados, Global Business Director, Feedstocks +1 832 619 8593, nick.rados@ihsmarkit.com
More informationOil Industry Trends. Rob Arnott. 26 th January /29/2004 1
Oil Industry Trends Rob Arnott 26 th January 2004 3/29/2004 1 Oil Industry Trends Overview of global industry trends Regional costs and capital migration Industry costs and implications Why is further
More informationThe Outlook for Energy:
The Outlook for Energy: A View to 2040 Paul L. Tanaka November 9, 2015 This presentation includes forward-looking statements. Actual future conditions (including economic conditions, energy demand, and
More informationWEEKLY REFINING INDICATORS REPORT WEEK ENDING 06/17/2016
WEEKLY REFINING INDICATORS REPORT WEEK ENDING 06/17/2016 Blake Fernandez, Analyst 713.393.4524 blakef@howardweil.com Quick Take: Somewhat bearish stats on the refining side as we had hoped for some gasoline
More informationWelcome Welcome... 1
Welcome Welcome... 1 Presentation Structure Our presentation is split into three sections going through the market, operations and financials 2 3 As it has been indicated previously, it is now much clear
More informationEvolving Global Oil Trade Flows. IEA-IEF-OPEC Joint Meeting Vienna, March 2018
Evolving Global Oil Trade Flows IEA-IEF-OPEC Joint Meeting Vienna, March 2018 SHIFTING FLOWS: WHAT HAS THIS MEANT IN PRACTICE? US/Europe crude imports & exports Saudi crude to Poland Chinese teapots importing
More informationPetroleum Geopolitics at the beginning of the 21 st century
Petroleum Geopolitics at the beginning of the 21 st century JP. Favennec Director - Center for Economics and management Institut français du pétrole 26 th Annual Conference International Association for
More informationIMPACTS OF THE IMO SULPHUR REGULATIONS ON THE CANADIAN CRUDE OIL MARKET
IMPACTS OF THE IMO SULPHUR REGULATIONS ON THE CANADIAN CRUDE OIL MARKET CERI Breakfast Overview Allan Fogwill, CEO Canadian Energy Research Institute November 2018 Overview Canadian Energy Research Institute
More informationThe Shale Boom Heard Around the World
The Shale Boom Heard Around the World Ben Montalbano Director of Research and Operations Energy Policy Research Foundation, Inc. (EPRINC) Clingendael Institute November 5, 2013 Is this the wrong question?
More informationSHALE-ADVANTAGED CHEMICAL INDUSTRY INVESTMENT
9 April 2013 SHALE-ADVANTAGED CHEMICAL INDUSTRY INVESTMENT Martha Gilchrist Moore Sr. Director, Policy Analysis and Economics Shale Gas Shale gas is possibly the most important energy development in the
More informationOil. 12 Reserves 14 Production and consumption 20 Prices 22 Refining 24 Trade movements. 67 th edition
Oil 12 Reserves 14 Production and consumption 20 Prices 22 Refining 24 Trade movements 67 th edition Oil Total proved reserves At end 1997 At end 2007 At end 2016 At end Thousand million barrels Thousand
More informationANNUAL STATISTICAL SUPPLEMENT
ANNUAL STATISTICAL SUPPLEMENT with 2008 data 2009 Edition This Statistical Supplement has been prepared to provide a longer historical perspective for the oil demand, supply, trade, stocks, prices and
More informationENERGY SLIDESHOW. Federal Reserve Bank of Dallas
ENERGY SLIDESHOW Updated: March 13, 2018 ENERGY PRICES www.dallasfed.org/research/energy Brent & WTI & Crude Brent Oil Crude Oil Dollars per barrel 140 Brent (Mar 9 = $65.12) WTI (Mar 9 = $61.65) 120 100
More informationNorth American Storage and Transportation Trends
North American Storage and Transportation Trends Brian Busch Director, Oil Markets and Business Development www.genscape.com 2016 Genscape Incorporated. All rights reserved. What we do 2 Current State
More informationANNUAL STATISTICAL SUPPLEMENT
ANNUAL STATISTICAL SUPPLEMENT with 2016 data 2017 Edition This Statistical Supplement has been prepared to provide a longer historical perspective for the oil demand, supply, trade, stocks, prices and
More informationRegional Energy Trade and Refining Industry in Northeast Asia
15 th Northeast Asia Economic Forum 5-7 September 2006, Khabarovsk Russia Regional Energy Trade and Refining Industry in Northeast Asia Kensuke Kanekiyo Managing Director The Institute of Energy Economics,
More informationOutlook for Marine Bunkers and Fuel Oil to A key to understanding the future of marine bunkers and fuel oil markets
Outlook for Marine Bunkers and Fuel Oil to 2035 A key to understanding the future of marine bunkers and fuel oil markets 01 FGE & MECL 2014 Study completed by FGE and MECL FGE London FGE House 133 Aldersgate
More informationGlobal Monthly February 2018
Global Monthly February 18 3 1-year Treasury yields 1-year breakeven inflation rate 1 1 15 16 17 18 February 18 5 3 Global GDP growth Composite PMI (RHS) Index 56 5 5 1 5 1 13 1 15 16 17 18 3..5. 1.5 1.
More informationChanging Crude Qualities and Their Impacts on U.S. Refinery Operations AM-14-42
Changing Crude Qualities and Their Impacts on U.S. Refinery Operations Presented to: AFPM 2014 Annual Meeting March 25, 2014 by John M. Mayes International consulting practice since 1971 Downstream focus;
More informationRussia's downstream: Old Problems and New Reality
Russia's downstream: Old Problems and New Reality The CIS Downstream Summit Yakov Ruderman Director General Baku, Azerbaijan December 3, 215 Table of Contents Effects of low crude prices and tax reforms
More informationChanges in Bunker Fuel Quality Impact on European and Russian Refiners
Changes in Bunker Fuel Quality Impact on European and Russian Refiners Russia & CIS Bottom of the Barrel Technology Conference 23 &24 April 2015, Moscow Euro Petroleum Consultants TABLE OF CONTENT Requirements
More informationCERI Commodity Report Crude Oil
CERI Commodity Report Crude Oil June-July 2014 Increasing Project Costs in the Oil Sands Sector Dinara Millington Recently, the Canadian Energy Research Institute (CERI) published the ninth annual edition
More informationUS Shale Oil Development and Impact on Aromatics Supplies
US Shale Oil Development and Impact on Aromatics Supplies Chuck Venezia Vice President, Petrochemicals Argus DeWitt September 23, 2014 The Shale revolution in the US has changed global market dynamics
More informationRecent Developments in EU Refining and Product Supply. EU Refining Forum, 12 April 2013
Recent Developments in EU Refining and Product Supply EU Refining Forum, 12 April 2013 OECD/IEA 2012 EU refinery closures to date mb/d Refinery Closure 500 400 300 200 100 0 2 008 2009 2010 2011 2012 2013
More informationTrends for Refining Residual Fuel Oil. Prepared for Bunker Asia Forum 2011 Singapore 7 September 2011
Trends for Refining Residual Fuel Oil Prepared for Bunker Asia Forum 2011 Singapore 7 September 2011 Agenda Introduction Refiner View of Bunker Fuel Product Quality Crude Oil Influences Likely Refining
More informationARA TT Market Projections
StocExpo Rotterdam Conference 2017 ARA TT Market Projections www.pjk-international.com www.tankterminals.com Tank Terminal Market Research ir. Patrick Kulsen, MSc. B. Mail: patrick.kulsen@pjk-international.com
More informationENERGY PRICES How High and How Long???
ENERGY PRICES How High and How Long??? ISM Chemicals Group February 28 Presented By Ron Gist What a difference a year makes Jan. 27 Jan. 28 Jan. 2 WTI Crude Oil ($/bbl) $54.14 $92.98 $27.26 USGC Reg. Gasoline
More information