Supply to Override Demand: Crude Oil
|
|
- Sandra Jenkins
- 5 years ago
- Views:
Transcription
1 11 th y 2014 Somya Dixit Research Analyst somya.dixit@nirmalbang.com Kunal Shah Research Head kunal.shah@nirmalbang.com Crude oil rose to $107.73/barrel (WTI) and $115.71/barrel (Brent Crude) in e 2014, the highest level seen this year. Prices rose to unreasonable high levels in the wake of a bold military campaign by Sunni insurgents in Iraq and continued supply outages in Libya. Production loss from other major producers such as US, North Sea and OPEC and seasonal demand for Crude oil from major consuming nations also added flame to the oil market. Global Supply & Demand (In ) (F) Total World Supply % Change Total World Demand % Change Surplus/Deficit Source: Reuters, NB Research Note F stands for forecast Adjoining chart depicts the global supply and demand scenario for crude oil, from past three years market is remaining well balanced. Rising oil production from OPEC as well as Non-OPEC nations has helped to neutralize the deficit in oil market seen in With the increase in shale oil production in the US and tar sands oil production in Canada and with a consistent OPEC oil production kept the supply side higher. Global crude oil supply is expected to average around which is 1.3% higher or 1.18 higher as compared to Supply showed a significant increase mostly due to the increase in Non-OPEC production which also compensated temporary loss of output from OPEC members. The total contribution of the United States and Canada to global supply in 2014 is forecast at million barrels a day and 4.13 million barrels a day, respectively. OECD (Organization for Economic Cooperation and Development) and Non-OECD supply is also expected to remain healthy this year. OECD supply is expected to rise from to in 2014, a rise of almost 5.4% on annual basis. Canada, US and Mexico remained the top contributor for the extraordinary supply growth. However, Non-OECD growth remains neutral and hovered around 2013 levels due to the decline in OPEC total supply, compensated by a rise in supply from China and Former Soviet Union. Global demand is also expected to rise in 2014 and to reach similar to the supply leaving the market well-balanced for the current year. Global oil demand is set to increase sharply from a low of 91.4 in Q to a high of in Q as the macroeconomic condition improves. IEA also raised its expectations for global oil consumption to million barrels a day this year and million barrels a day next year, up from million barrels a day in Most of the growth will come from developing nations, especially China. 1
2 Jan 11 th y 2014 Global demand is forecasted to remain higher due to the expected improvements in the global economy, particularly in the developed nations. Consumption among the industrialized nations that comprise the OECD is expected to stay relatively flat, while emerging-market economies such as China will account for "almost all" consumption growth. In 2015, non-oecd demand will overtake flat OECD demand for the first time, exceeding it by nearly 1 million barrels a day. Rising Supply US Production Shale Oil Production Total oil production Shale Oil Source: EIA, NB Research US: The US, known as the top importer of crude oil, has shown drastic improvement in its domestic production of oil. Oil production in the US rose from 5 in 2008 to 8.12 in 2013, the most significant increase seen till now. It stood at record highs, a level not seen in the last five years. The extraordinary rise in crude oil production in the US is largely due to the introduction of hydraulic fracturing and vertical drilling, a new method of exploring oil and gas from shale formations. U.S. production peaked in 1970, when it reached an annual average of 9.6 million barrels a day. However, in the start of 2014 the production dropped due to the severe winter weather in the nation which choked many of the shale oil drilling wells. This has forced EIA to lower its forecast for US oil production growth in The US is expected to produce 8.42 of oil this year down from 8.54 forecasted earlier. However, production remains high from 7.44 in U.S. oil production has been robust because of hydraulic fracturing and horizontal drilling techniques that have enabled energy producers to tap into supplies trapped in shale-oil fields. For 2015, the EIA forecasts production of 9.19 million barrels a day of oil, down from 9.29 million barrels a day previously. Shale Oil: US shale oil production has also been rising constantly with the implementation of new techniques such as hydraulic fracturing and horizontal drilling. There are huge shale deposits outside North America, which American companies and the government are trying to tap and convert into shale oil and natural gas to boost the energy industry. 2
3 Jan Jan 11 th y 2014 Basically, shale oil is defined as unconventional oil extracted from shale formations. Earlier, shale oil used to be extracted through vertical drill. However, now with the introduction of improved hydraulic fracturing and horizontal drilling, exploration of shale oil has become much more feasible. The current US shale oil production stands at around 4.07 at the end of 2013, up almost 34% on a year-on-year (y-o-y) basis, which is nothing less than extraordinary. This continuous rise in output data confirms the strong production growth in the US. Out of total oil production, shale oil output contributes more than 40% of oil and the major contributing geographic regions in the US are Bakken and Eagle Ford. Shale oil production has been rising since 2009, the highest level since It is expected to reach 11 by 2020 and the US could become the net exporter of oil. EIA expects net imports to decline from 6.2 million barrels a day last year to 5.49 million barrels a day in 2014 and 4.65 million barrels a day in Canada North Dakota Source: Bloomberg, Reuters, NB Research Canada: Canadian oil production has been rising steadily since It currently stands at more than 3.56 and is expected to maintain the same pace of oil production in the near future also. Eastern and Western Canada are the two sources of Canadian oil output. Eastern Canada contributes about 6 percent of the total Canadian crude oil production i.e. 2,13,600 bpd. Western Canada on the other hand accounts for 3.34, combining conventional and oil sands total production. In 2013, total Canadian production increased to 3.6 in the month of ember as compared to 3.31 in ember 2012, an increase of 5,00,000 bpd. The rapid growth in overall production numbers in Canada is mainly coming from tar sands, which contributed around Tar sands production depends on cheap availability of natural gas. As long as cheap natural gas is available, Canadian oil production will continue to grow. Canadian crude oil production is expected to double to 6.7 by 2030, which stood around 3.6 in ember Of this, tar sands production will be nearly 5.2 by 2030, up from 1.8 in The rapid growth in oil sands and conventional oil production in Canada continues to strengthen the nation s position as a preferred supplier of crude oil to North American and global energy markets. 3
4 Jan Jan 11 th y 2014 North Dakota: North Dakota holds a place of significance in the rising US oil output. Rising North Dakota production led to an increase in the overall oil output in the US. The state s extraordinary oil production has helped achieve levels of 0.93 million barrels per day in ember 2013 as compared to 0.77 in ember Production rose by almost 3% in 2013 when compared with the production levels at the same period of Recently, North Dakota s oil production hit a record 1 in e 2014 recovering after affected by severe winter season in the US. OPEC Members Russia OPEC: Overall, OPEC supply is growing at a healthy pace on an average since the past few years. The production from member nations of OPEC has been rising steadily since OPEC oil production averaged in 2013, above the agreed OPEC quota. However, in the second half of 2013, OPEC total production was below the production quota and stood at in ember The fall in production was mainly due to the loss in supply from Libya, Saudi Arabia and Iran. Libya faced a drastic fall in its oil production due to the various ports and oil field strikes, disrupting oil production. Production fell to almost 0.2, becoming almost neutral. Libya produced around 0.25 in ember 2013, dropping by more than 1 as compared to ember 2012 when the production was around However, production rebounded in the first month of 2014 from the lows seen in 2013 and stood at Further, the production is expected to ramp up and is expected to scale around 1-1.5, close to its pre-war levels in the second half of Crude oil production from Iran and Saudi Arabia also fell by close to 0.3 and stood at 2.7 and 9.7, respectively. Production from Iran was continuously declining after the US government enforced various sanctions on the nation to halt the ongoing nuclear programme. However, in the last quarter of 2013, some relief came when the US and Iran finally reached a deal. The fall in production became slow after that. However, Iran s production is expected to jump in the second half of 2014 due to les sanctions 4
5 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 11 th y 2014 on the nation and thus generate further revenue for the growth of the country as the nation is totally dependent on revenue from oil exports. Recent violence in Iraq has not affected the nation s production and exports. Oil production in Iraq too has been rising at a pretty decent rate. Oil production was around 3.6 in 2014, 10.6% higher than production levels in According to sources in the Iraqi government, the nation s oil production is expected to jump to 4 by the end of 2014, 11% higher than the current oil production. Production rise from other members of the nation, including the nations discussed above, would neutralize the small fall in the output from Saudi Arabia. Further, OPEC production is set to rise in the second half of 2014 also with the help of all other members producing higher oil output. Russia: Russia, the top producer of oil, has constantly shown a year-on-year increase in oil output. The production was around on an average in the first half of 2014, up by 1% when compared to in the first half of Recently, Russian oil production reached an all-time high of 10.8 in the month of ember Further, oil production in Russia is expected to rise in the near future with the help of increased exploration of new oil fields. The nation has achieved higher production numbers by applying advanced technology like hydraulic fracturing and horizontal drilling, mainly used by the US for such activities. This has helped Russia to tap oil reserves, which were unreachable previously. Also, new techniques have helped increase production rates in oil fields that were witnessing a decline earlier. Demand Scenario Major Importers Total OECD & Non-OECD Demand China Japan South Korea Germany US Total OECD Total Non-OECD 47 Oil Demand in Non-OECD nations surpassed the demand of OECD nations for the first time in history Crude oil imports from all major economies have shown higher-than-expected growth in the first quarter of There are several factors responsible for increased oil imports from these economies. Major among them could be the recovery in the overall economic growth. Also, a drop in the domestic oil 5
6 Jan Jan million barrels million barrels 11 th y 2014 production in the US due to the bad weather conditions and in OPEC due to the political unrest could be attributed to the same. For the first time in history, the demand from non-oecd nations has outpaced demand from OECD nations. Among the non-oecd nations in Asia, China was the leading contributor in the first half of 2014 in achieving the projected consumption growth. On the other hand, OECD demand growth softened, coupled with slower economic growth and higher domestic production. The best example could be the US whose domestic oil production has reduced its dependency on oil imports. The US, which is believed to be the net importer of crude oil, recently reported a record high domestic oil production. Oil production in the US surpassed imports for the first time since 1997 and stood at on the back of rising shale oil plays. The increase in oil production in the US has resulted in reduced volume of the nation s oil imports. In addition to this, rising oil production from North Dakota, through the use of hydraulic fracturing and horizontal drilling techniques, is helping the US to reduce its dependency on crude oil imports. In ember 2013, the overall US oil production outpaced oil imports by 1.2. However, the pace of oil imports from Asian as well as developed nations is expected to slowdown in the coming months. Oil imports would fall in the second half of 2014 due to unseasonal lower demand would push down the oil consumption. Stocks Scenario Total Stocks Cushing Stocks The total oil stocks in the US too felt the heat of rising oil production in the nation. Oil inventories touched an 82-year high in il 2014 as the nation s production remained at an all-time high. However, in the first quarter of 2014, overall stocks declined and stood near the five year average as record low temperatures in the US increased fuel consumption for heating demand. Oil stocks held at Cushing declined drastically in the second half of 2013 as the US government partially approved the TransCanada pipeline project. Already three phases of the pipeline have got the approval and the fourth one is awaiting approval. The first two phases, were approved last year have a total 6
7 Jan Jan Jan th y 2014 capacity to transport 5,90,000 bpd of oil into the Mid-west refineries. The third phase which got approved recently and started operating on January 2014 has the capacity to transport 70,000 bpd. The last phase awaiting approval could add up to 3,00,000 bpd more capacity to the total transportation of oil. However, the total flow of oil by the end of 2014 is expected to reach 8,30,000 bdp of oil. We believe going forward seasonal lower oil demand and higher domestic production would result into refilling of oil stocks at much higher pace. With the ample stocks available at the supply hub, we do not foresee inventories to remain a major concern in the oil market. Geopolitical Tensions Adding Premium to Oil Prices Oil prices always remain very sensitive to geopolitical tensions. Historically, oil prices carry a $5-$7 premium to various geopolitical tensions and weather-related developments. These types of developments generally raise concerns for future disruptions in supply and demand resulting into high volatility in oil prices. However, the price reaction is short lived and fizzles out as soon as the development subsides. Much of the world's crude oil is located in regions that have been prone historically to political disruption, or have had their oil production disrupted due to political events. Several major oil price shocks have occurred at the same time as supply disruptions triggered by political events, most notably the Arab Oil Embargo in , the Iranian revolution and Iran-Iraq war in the late 1970s and early 1980s, and Persian Gulf War in More recently, disruptions to supply (or curbs on potential development of resources) from political events have been seen in Nigeria, Venezuela, Iraq, Iran, and Libya. Recently, the political unrest in Iraq is another example of the geopolitical premium in the oil prices. Iraq, the second largest oil producer in OPEC is facing political issues once again. Iraq oil production growth story is outstanding; at the end of 2012 Iraq overtook Iran and became the second largest oil producer in OPEC. Iraq s current oil production stands around 3.65 in 2014, a 10.6% rise as compared to same time last year. About 80% of total Iraq s crude oil production comes from the southern fields, and rest from the northern fields near Kirkuk. The majority of Iraqi oil production comes from just three giant fields: Kirkuk, the North Rumaila field in southern Iraq, and the South Rumaila field. Iraq Production & Exports OPEC Exports Production Exports (RHS) Year OPEC Exports ()
8 11 th y 2014 OPEC total exports are continuously rising since 2009 with stable OPEC production and rose almost 13.4% in past 5 years. Iraq plays a major role in overall rise in OPEC exports; Iraq s exports rose almost 28% in last one year and stood at 3.17 in Iraq s robust production has helped to boost the country s exports. Iraq s production and exports both are expected to gear-up ahead on account of future production projects lined-up. However, the economy is currently facing many challenges in meeting the planned timetable for oil production. One of the major obstacles is the lack of an outlet for significant increases in crude oil production. Both Iraqi refining and export infrastructure are severely constrained, with bottlenecks preventing more crude oil processing. Iraqi oil exports are currently running at near full capacity in the south, while export capacity in the north has been restricted by sabotage, deteriorating pipelines, and the inability to receive more oil from the south of Iraq via a deteriorated Strategic Pipeline. Pipeline capacity would need to be expanded in any case to export significantly higher volumes. Another major reason for the slowdown in the process is because of political disputes between sections within Iraq, especially those between the central government in Baghdad and the Kurdistan Regional Government. Iraq also has disagreements regarding shared oil fields with Kuwait and Iran. However, the recent violence has not affected Iraq s oil production and exports. Although it created a panic that it may halt the oil production and exports resulting into higher volatility in the oil prices. Road Ahead Crude oil market is expected to remain under pressure in the second half of 2014 considering the robust supply growth and a slower pick-up in demand. We expect healthy supply to continue from both OECD and Non-OECD nation with China and the US being the largest contributor. Further, OPEC is also expected to ramp-up the production with the rising Libya, Iran and Iraq oil production. However, demand from all major consuming nations is set to fall in the second and third quarter of 2014 with the slowing demand. We believe that the factors discussed above would pressurize the West Texas Intermediate (WTI) as well as Brent oil prices in the second half of We expect WTI to drive lower and settle lower around $96/barrel in NYMEX and Brent to settle around $101/barrel in ICE in the second half of
9 11 th y 2014 RESEARCH TEAM Name Designation Kunal Shah Research Head kunal.shah@nirmalbang.com Devidas Rajadhikary Technical Analyst devidas.rajadhikary@nirmalbang.com Harshal Mehta Technical Analyst harshal.mehta@nirmalbang.com Mohammed Azeem Technical Analyst mohammed.gaziani@nirmalbang.com Ankita Parekh Research Analyst ankita.parekh@nirmalbang.com Somya Dixit Research Analyst somya.dixit@nirmalbang.com Ravi D'souza Research Associate ravi.dsouza@nirmalbang.com Sakina Mandsaurwala Research Associate sakina.mandsaurwala@nirmalbang.com Ishwar Kelwadkar Research Associate ishwar.kelwadkar@nirmalbang.com Disclaimer: This Document has been prepared by N.B. Commodity Research (A Division of Nirmal Bang Commodities Pvt. Ltd). The information, analysis and estimates contained herein are based on N.B. Commodities Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents N.B. Commodities Research opinion and is meant for general information only. N.B. Commodities Research, its directors, officers or employees shall not in any way be responsible for the contents stated herein. N.B. Commodities Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities. N.B. Commodities Research, its affiliates and their employees may from time to time hold positions in securities referred to herein. N.B. Commodities Research or its affiliates may from time to time solicit from or perform investment banking or other services for any company mentioned in this document. Address: Nirmal Bang Commodities Pvt. Ltd., B2, 301 / 302, 3rd Floor, athon Innova, Opp. Peninsula Corporate Park, Ganpatrao Kadam g, Lower Parel (W), Mumbai , India 9
U.S. Rail Crude Oil Traffic
U.S. Rail Crude Oil Traffic Association of American Railroads November 215 Summary U.S. crude oil production has risen sharply in recent years, with much of the increased output moving by rail. In 28,
More informationU.S. Rail Crude Oil Traffic
U.S. Rail Crude Oil Traffic Association of American Railroads May 217 Summary U.S. crude oil production has risen sharply in recent years, with much of the increased output moving by rail. In 28, U.S.
More informationMarket 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 informationFuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Issue 20, Volume 8
Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Issue 20, Volume 8 October 18, 2013 Copies of this publication may be obtained free of charge from: Natural Resources
More informationFuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Issue 24, Volume 8
Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Issue 24, Volume 8 December, Copies of this publication may be obtained free of charge from: Natural Resources
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 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 informationFuel Focus. National Overview. Recent Developments. In this Issue. Volume 11, Issue 13 June 24, 2016 ISSN
National Overview Fuel Focus Canadian Retail Gasoline Prices Remained the Same over the Last Two Weeks For the two-week period ending June 21, 16, the Canadian average retail gasoline price was $1.1 per
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 informationShort - Term Outlook for the World Oil Market and Oil Price
Short - Term Outlook for the World Oil Market and Oil Price Supplement to the Short-term Energy Supply and Demand Outlook Presented at the 376th Regular Meeting of Research Briefings 1. Background of recent
More informationFuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Volume 6, Issue 23
Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Volume 6, Issue 23 December 2, 11 Copies of this publication may be obtained free of charge from: Natural Resources
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 informationWeek Letter. Latest on the Oil& Gas market. January the 21th - January the 25th
Week Letter Latest on the Oil& Gas market January the 21th - January the 25th Headlines this week US oil and gas firms are ready to spend as confidence grows Iran Looks To Boost Oil, Gas Production Capacity
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 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 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 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 informationPOINTS TO COVER UNCONVENTIONAL OIL AND GAS AND THE SHALE REVOLUTION: GAME CHANGER 4/16/2014. If we don t screw it up! Context Implications Risks
UNCONVENTIONAL OIL AND GAS AND THE SHALE REVOLUTION: GAME CHANGER If we don t screw it up! POINTS TO COVER Context Implications Risks April 11 1 You can always count on Americans to do the right thing
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 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 informationMacroeconomic Assumptions
Macroeconomic Assumptions A major factor affecting the global economy this year continues to be weakness in Chinese financial markets and the resulting fallout affecting trading partners dependent on the
More informationEnergy Security Fact Pack
Energy Security Fact Pack 217 @Securing_Energy #SAFEenergyfacts ENERGY SECURITY FACT PACK Contents 1. 2. 3. 4. 5. 6. QUARTER SUMMARY CHARTS OF THE QUARTER U.S. OIL SUPPLY, DEMAND, AND TRADE GLOBAL OIL
More informationEnergy Economics. Lecture 3 Crude Oil Market ECO Asst. Prof. Dr. Istemi Berk
Energy Economics ECO-4420 Lecture 3 Crude Oil Market Asst. Prof. Dr. Istemi Berk istemi.berk@deu.edu.tr 1 World Fossil Fuel Consumption A Comparison btw. Coal, Oil and Gas Million Tons of Oil Equivalent
More informationWorld Energy Investment 2017
World Energy Investment 217 Economics and Investment Office IEA OECD/IEA 217 USD (216) billion Global energy investment fell 12% in 216, a second consecutive year of decline 1 75 5-1% Networks Global energy
More informationBrent spot. Brent 20-day rolling average. WTI - Brent Arb. USD per barrel. USD per barrel
USD per barrel USD per barrel Oil benchmark prices are looking bullish again as Saudi Arabia and Russia announced that they will be extending production cuts until March 2018. The extension would reinforce
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 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 informationAfrica: just how big will it be?
Africa: just how big will it be? 6th Annual Crude Oil Summit Hilton Tower Bridge, London, UK May 13, 2013 Dave Ernsberger, Global Editorial Director Oil, Platts 2013 Platts, McGraw Hill Financial. All
More informationEnergy Security of APEC Economies in a Changing Downstream Oil Environment
IEEJ Feb. 2018 4th APEC OGSN Forum on 7 March 2018 Session2-2 Energy Security of APEC Economies in a Changing Downstream Oil Environment Takashi MATSUMOTO and Ichiro KUTANI Manager, Global Energy Group
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 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 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 informationGlobal Olefins Review
Presented to: Asia Petrochemical Industry Conference Raw Materials Committee Meeting May 2, 24 Kuala Lumpur, Malaysia Mark Eramo Vice President Olefins & Elastomers meramo@cmaiglobal.com Agenda! Ethylene
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 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 informationQUARTERLY REVIEW OF BUSINESS CONDITIONS: MOTOR VEHICLE MANUFACTURING INDUSTRY / AUTOMOTIVE SECTOR: 4 TH QUARTER 2016
NATIONAL ASSOCIATION OF AUTOMOBILE MANUFACTURERS OF SOUTH AFRICA GROUND FLOOR, BUILDING F ALENTI OFFICE PARK 457 WITHERITE ROAD, THE WILLOWS, X82 PRETORIA PO BOX 40611, ARCADIA 0007 TELEPHONE: (012) 807-0152
More informationEmerging Trends in Petroleum Markets
Emerging Trends in Petroleum Markets For Defense Logistics Agency, Worldwide Energy Conference Washington, D.C. By T. Mason Hamilton, Petroleum Markets Analyst U.S. Energy Information Administration Independent
More informationAutomotive Market: Where Do We Go From Here?
Automotive Market: Where Do We Go From Here? June, 3 rd 211 Federal Reserve Bank of Chicago Eighteenth Annual Automotive Outlook Symposium Jeff Schuster Executive Director, Forecasting and Analysis jeff.schuster@jdpa.com
More informationRefineries Table of Contents
Refineries Dec 18 Refineries Table of Contents Refineries Table of Contents Contents: Page # National Fuel Consumption Product Wise 3 Demand and Supply POL Products 4 Local Refineries POL Volume Sales
More informationOilseeds and Products
Oilseeds and Products Oilseeds compete with major grains for area. As a result, weather impacts soybeans, rapeseed, and sunflowerseed similarly to grain and other crops grown in the same regions. The same
More informationIran Post Sanc,ons: How Much Oil will Hit the Market? New York 28 September 2015
Iran Post Sanc,ons: How Much Oil will Hit the Market? New York 28 September 2015 INTRODUTION Iran and the P5+1 have agreed on a framework to put an end to the dispute over Iran s nuclear program; Once
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 informationBrent spot Brent 20-day rolling average WTI spot WTI 20 day rolling average. USD per barrel. WTI - Brent Arb. WTI - Brent Arb 20-day rolling average
USD per barrel USD per barrel There was yet another twist in the oil markets yesterday as news emerged that US President Donald Trump s budget proposal is set to include the sale of half of the country
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 informationRESEARCH & KNOWLEDGE MANAGEMENT. Oil & Gas Updates: US Shale Industry
RESEARCH & KNOWLEDGE MANAGEMENT FEBRUARY 218 Key highlights US crude oil and condensate proved reserves amounted to 35.2bln barrels (-12% YoY) in 215, based on the latest available data. The share of tight
More informationChina s big four state refineries receive increased product export quotas
China s big four state refineries receive increased product export quotas As fuel demand growth has taken a step back in China, the increased refinery output has squeezed margins and created an overhang
More informationMercedes-Benz: Best Sales Result for the Month of June in Company History Up 13 Percent
In the following please find the release of the Mercedes-Benz Cars concerning worldwide vehicles sales in June 2010: Mercedes-Benz: Best Sales Result for the Month of June in Company History Up 13 Percent
More informationWeekly Fuel Monitor Update
May 1, 2006 DISTILLATES AND DIESEL UPDATE NYMEX heating oil futures settled higher Friday amid concerns about world supply disruptions given ongoing militant activity in Nigeria that is cutting into supplies
More informationTPI. Truck Production Index. 2nd Quarter Power Systems Research Global Truck Production Index (PSR-TPI) jumps 14.3%, QOQ.
TPI Truck Production Index www.powersys.com +1-651-95-8 info@powersys.com 2nd Quarter Power Systems Research Global Truck Production Index (PSR-TPI) jumps 14.3%, QOQ ST. PAUL, MN (JULY 9, ) The Power Systems
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 informationGlobal Oil Exports: Smooth Sailing Or Midnight on the Titanic?
Global Oil Exports: Smooth Sailing Or Midnight on the Titanic? Jeffrey J. Brown; Samuel Foucher, PhD; Tiger Craft*, Fortress Investment Group April 26, 2012 * All views are those of the authors, and Fortress
More informationWorld Geographic Shares
World Geographic Shares North America South America Europe Africa Asia Australia/ Oceania 18% 13% 7% 22% 33% 6% World Population Shares North America South America Europe Africa Asia Australia/ Oceania
More informationALG July/August 2011 Edition Report
ALG July/August 2011 Edition Report ALG July/August 2011 Edition Report Introduction: For the July/August 2011 edition, ALG has updated both gas price and used supply outlook to reflect the latest available
More informationPakistan Refining Industry An Overview
Pakistan Refining Industry An Overview October 2016 Oil World Crude Oil Reserves Largely sustained level of reserves Largest Region Contributes 47% (2014: 47.2%) Global proven oil reserves in 2015 fell
More informationCrude Export and the New Dynamics
27 April 2016 Crude Export and the New Dynamics Mel Larson, Principal Consultant SUPERIOR RESULTS. SUSTAINED. Topics of Interest Crude Export Impact The Great Divide Export to everywhere The US Advantage
More informationFuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Volume 10, Issue 4
Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Volume 1, Issue 4 March, Copies of this publication may be obtained free of charge from: Natural Resources Canada
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 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 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 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 informationThe Sulphur Market Outlook
The Sulphur Market Outlook Mike Kitto Principal Consultant Sulphur CRU China International Sulphur&Sulphuric Acid Conference(211) The sulphur market outlook Mike Kitto CRU, UK. Part 1: Recent market trends
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 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 informationFuel Focus. Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices. Volume 7, Issue 14
Fuel Focus Understanding Gasoline Markets in Canada and Economic Drivers Influencing Prices Volume 7, Issue 14 July 27, 12 Copies of this publication may be obtained free of charge from: Natural Resources
More informationHigh fuel costs could last Diesel and propane may not get much cheaper in 2019 By Bryce Knorr, senior grain market analyst
High fuel costs could last Diesel and propane may not get much cheaper in 2019 By Bryce Knorr, senior grain market analyst In July I recommended using a dip in the energy market to lock in propane for
More informationStart covering fall fuel needs OPEC unity stabilizes oil market for now By Bryce Knorr, senior grain market analyst
Start covering fall fuel needs OPEC unity stabilizes oil market for now By Bryce Knorr, senior grain market analyst OPEC and its allies are a strange bunch. Iran hates Saudi Arabia as much as it dislikes
More informationImplications of the U.S. Shale Revolution
Implications of the U.S. Shale Revolution For October 17, 214 Chicago, Illinois By Adam Sieminski, Administrator U.S. Energy Information Administration U.S. Energy Information Administration Independent
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 informationEconomic Security: Neglected Dimension of National Security?
A presentation featured at the 2010 Topical Symposium: Economic Security: Neglected Dimension of National Security? Hosted by: The Institute for National Strategic Studies of The National Defense University
More information02/02/2011
www.fundamentalpetroleumtrends.com 2/2/211 WEEKLY GASOLINE FUNDAMENTAL-PRICE-BASIS OUTLOOK A Fundamental Petroleum Trends Weekly Report Lehi German Tel: 816..98 www.fundamentalpetroleumtrends.com Wednesday,
More informationFocus on Refinery Product Flows
December 14, 2016 Focus on Refinery Product Flows Stratas Advisors Gasoline Imports in 2014 CIS and the Middle East are the largest gasoline exporters to Asia. While China and India do not import gasoline
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 informationSigns of recovery in the Russian construction market
Milena Bernardi - m.bernardi@tiledizioni.it Signs of recovery in the Russian construction market Fig. 1 - Construction output in Russia (y-o-y % change) Despite a slowdown with respect to the period April-
More informationHow the U.S. transformed its crude oil import streams
How the U.S. transformed its crude oil import streams or How I learnt to stop worrying about increasing U.S. domestic crude production and embrace increased tonne miles, new export markets for traditional
More informationCorporate Communications. Media Information 15 March 2011
15 March 2011 BMW Group aims to further increase earnings in 2011 EBIT margin of over 8% expected in Automobiles segment Sales volume of well in excess of 1.5 million vehicles targeted Margin of 8% to
More informationGDP QUARTERLY. November 29, Sutapa Roy
GDP QUARTERLY November 29, 2013 Sutapa Roy E-mail: s-roy@microsec.in - 1 - Quarterly GDP (Q2 of FY2013-14) India s GDP grew at the rate of 4.8 percent in Q2 of FY2013-14 from a year earlier, after expanding
More informationAN ECONOMIC AND ENVIRONMENTAL ASSESSMENT OF EASTERN CANADIAN CRUDE OIL IMPORTS
Study No. 167 CANADIAN ENERGY RESEARCH INSTITUTE AN ECONOMIC AND ENVIRONMENTAL ASSESSMENT OF EASTERN CANADIAN CRUDE OIL IMPORTS Canadian Energy Research Institute Relevant Independent Objective An Economic
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 informationGROWTH IN TENTH DISTRICT MANUFACTURING ACTIVITY EXPANDED SOLIDLY Federal Reserve Bank of Kansas City Releases May Manufacturing Survey
FOR RELEASE Thursday, May 22, 2014 EMBARGOED FOR 10 A.M. CENTRAL TIME CONTACT: Pam Campbell 405-270-8617 Pam.Campbell@kc.frb.org GROWTH IN TENTH DISTRICT MANUFACTURING ACTIVITY EXPANDED SOLIDLY Federal
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 informationContents. Highlights and Financial Performance. Review Aluminium Business. Review Copper Business
HINDALCO INDUSTRIES LTD Q3 FY 2015 Contents Highlights and Financial Performance Review Aluminium Business Review Copper Business 2 World Economy: Divergence persists Financial markets showing increased
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 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 informationInbound Tourism Trends Quarterly Q Issue 20 January 2017
Inbound Tourism Trends Quarterly Q3 216 Issue 2 January 217 1 Contents 1. About this data 2. Global Context: Global view, Economic outlook and Exchange rate 3. Inbound Volume and Value 4. Journey Purpose,
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 informationCitrus: World Markets and Trade
United States Department of Agriculture Foreign Agricultural Service uary 2015 Citrus: World Markets and Trade Oranges Global orange production for is forecast to decline 4 percent from the previous year
More information05/17/2011
RETAIL DIESEL FUEL OUTLOOK A Fundamental Petroleum Trends Weekly Report Lehi German Tel: 816.505.0980 www.fundamentalpetroleumtrends.com Tuesday, May 17, 2011 Diesel Fuel Price Trends U.S. retail diesel
More informationThe Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran
The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran A report required by section 1245 (d)(4)(a) of the National Defense Authorization Act for Fiscal Year
More informationMonthly Economic Letter
Monthly Economic Letter Cotton Market Fundamentals & Price Outlook RECENT PRICE MOVEMENT Benchmark prices were flat or slightly higher over the past month. Prices for the May NY futures contract increased
More informationChanges to America s Gasoline Pool. Charles Kemp. May 17, Baker & O Brien, Inc. All rights reserved.
Changes to America s Gasoline Pool Charles Kemp May 17, 2016 Baker & O Brien, Inc. All rights reserved. Discussion Points Light Naphtha Definitions Sources and Uses of Light Naphtha Octane Challenges Tier
More informationThe Renewable Energy Market Investment Opportunities In Lithium. Prepared by: MAC Energy Research
The Renewable Energy Market Investment Opportunities In Lithium Prepared by: MAC Energy Research 2016 Table of Contents: Introduction. Page 2 What is Lithium?... Page 2 Global Lithium Demand Page 3 Energy
More informationMEG Oil Market Outlook
MEG Oil Market Outlook (covering crude oil and oil products) July 2018 bancosta blue studies volume WET 2017/#13 research www.bancosta.com ; research@bancosta.com Jul 2018 MEG Oil Market Outlook 1 Index
More informationAN ECONOMIC ASSESSMENT OF THE INTERNATIONAL MARITIME ORGANIZATION SULPHUR REGULATIONS
Study No. 175 CANADIAN ENERGY RESEARCH INSTITUTE AN ECONOMIC ASSESSMENT OF THE INTERNATIONAL MARITIME ORGANIZATION SULPHUR REGULATIONS ON MARKETS FOR CANADIAN CRUDE OIL Canadian Energy Research Institute
More informationU.S. Total Crude Oil Supply and Demand
MMbbl U.S. Total Crude Oil Supply and Demand Mbbl/d U.S. Total Crude Oil Supply and Demand Table: A Previous Current ly Previous Forecast Change Estimate Estimate 4/13/18 4/20/18 4/20/18 4/20/18 4/27/18
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 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 informationCorn Outlook. David Miller Director of Research & Commodity Services Iowa Farm Bureau Federation December 2013
Corn Outlook David Miller Director of Research & Commodity Services Iowa Farm Bureau Federation December 2013 Source: USDA-WAOB U.S. Corn Supply & Usage U.S. Corn Supply & Usage Comments With the largest
More informationFresh Connections: Netherlands
Fresh Connections: Netherlands SHIFTING TRADE WINDS: GEOPOLITICS, GLOBAL TRADE & YOU JULIEN MARCILLY CHIEF ECONOMIST APRIL 29, 215 Oil prices: Lower for longer 14 Oil price (Brent, source: OPEC) 12 Oil
More informationMercedes-Benz continues upswing in August with sales increase of 7.9 percent
Investor Relations Release In the following, please find the release of Mercedes-Benz Cars concerning worldwide vehicle sales in August 2011: Date: September 5, 2011 Mercedes-Benz continues upswing in
More information