Energy Outlook. U.S. Energy Information Administration. For EnerCom Dallas February 22, 2018 Dallas, TX

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Energy Outlook. U.S. Energy Information Administration. For EnerCom Dallas February 22, 2018 Dallas, TX"

Transcription

1 Energy Outlook For EnerCom Dallas Dallas, TX Jeff Barron Industry Economist, U.S. Energy Information Administration U.S. Energy Information Administration Independent Statistics & Analysis

2 EIA expects crude oil prices to average $58/b through 219 West Texas Intermediate (WTI) crude oil price dollars per barrel Historical spot price STEO price forecast NYMEX futures price 95% NYMEX futures upper confidence interval 95% NYMEX futures lower confidence interval Jan 217 Jul 217 Jan 218 Jul 218 Jan 219 Jul 219 Source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 218 and CME Group 2

3 Global inventories are expected to build slightly in 218 and 219 after large stock draws in 217 world liquid fuels production and consumption balance million barrels per day 14 million barrels per day Implied stock change and balance (right axis) World production (left axis) World consumption (left axis) Q1 214-Q1 215-Q1 216-Q1 217-Q1 218-Q1 219-Q1-2 Source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 218 3

4 OECD inventories are estimated to be declining at the largest annual rate in 15 years; continued increases in backwardation suggest tight supply/demand balances million barrels dollars per barrel WTI 1-13 spread year-over-year change (inverted,right) OECD commercial inventories year-over-year change (left) Source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 218, Bloomberg 4

5 The strong draw in inventories has essentially brought them in line with the five-year average level, OPEC s target for rebalancing million barrels 3,2 3,1 3, OECD commercial petroleum inventories OECD commercial petroleum inventories five-year average level 2,9 2,8 2,7 2,6 2, Source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 218 5

6 In the United States, total petroleum stocks are drawing at the largest rate in years on high refinery runs and distillate consumption U.S. crude oil and petroleum product stock change million barrels, four-week moving average year min-max range 5 5-year average Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: U.S. Energy Information Administration, Weekly Petroleum Status Report 6

7 Recent equity market volatility could have spilled over to commodity markets annualized % OVX (oil volatility) VIX (equity volatility) Source: Bloomberg 7

8 Large increase in shorts from swap dealers during past year met by money manager, other reportable longs; hedging lowered back end of the curve WTI futures curve dollars per barrel Year ago Feb 17, 217 Today Feb 15, 218 CL1 CL4 CL7 CL1 CL13 CL16 CL19 CL22 CL25 CL28 CL31 CL34 CL37 CL4 CL43 CL46 Source: Bloomberg, U.S. Commodity Futures Trading Commission Open interest by trader classification million contracts Nonreportables Other Reportables Money Managers Swap Dealers Producers and Merchants Long Short Long Short February 14, 217 February 13, 218 8

9 Preliminary Q4 income statements showing 2% increase in costs and tax, increase in hedging losses billion dollars Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 realized + unrealized gain/loss on derivatives cost of goods sold oil & gas production expense taxes other than sales taxes Source: Evaluate Energy; includes 58 U.S. exploration and production companies 9

10 Drilling and frac sand costs up 1% year-over-year, but remain below $1 oil days Indexed to January, Drilling Support Frac Sand.6 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Source: U.S. Bureau of Labor Statistics, Bloomberg 1

11 Does capital discipline mean restraining capex, or having positive free cash flow? Price is certainly helping cash flow dollars per barrel of oil equivalent 5 45 Q4 only 4 includes 5 35 capital expenditure companies 3 per boe 25 cash flow per boe Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Source: Evaluate Energy; includes 58 U.S. exploration and production companies 11

12 Rig counts began increasing again in recent weeks following Q4 price movement; increase in completion activity over next quarter will resume acceleration in U.S. onshore production growth number of active rigs thousand barrels per day monthly change in Lower 48 states oil production, three-month moving average, right axis monthly change in active oil rigs, shifted forward five months, left axis Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar Source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 218, Baker Hughes 12

13 The rate of change of completed wells is starting to accelerate above drilled, which will begin to reduce DUCs and push U.S. production to new highs, crossing11 mmb/d by the end of 218 number of wells number of wells 2,2 2, 1,8 1,6 1,4 1,2 1, drilled wells completed wells drilled but but uncompleted wells wells, right axis 11, 1, 9, 8, 7, 6, 5, 4, 3, 2, 1, Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Source: U.S. Energy Information Administration, Drilling Productivity Report, February

14 Value of proved reserves positioned well heading into redetermination season; credit lines likely maintained or even increased Front-month WTI crude oil price $/b first-of-the-month average price: $42.68/b 217 first-of-the-month average price: $51.19/b 218 first-of-the-month average price YTD: $63.9/b Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Source: Bloomberg 14

15 High yield corporate bond spreads remain low even after recent energy, U.S. government bond selloff $/b Option adjusted spread, % Barclay s High Yield Corporate Bond Index Energy, right axis West Texas Intermediate price, left axis Source: Bloomberg 15

16 Demand expectations in non-oecd countries remain robust Non-OECD GDP growth forecast (annual expectations) by release date percent Source: U.S. Energy Information Administration, Short-Term Energy Outlook, February

17 Commodity price trends remain up, suggesting less downside risk to the demand outlook Source: Bloomberg; includes 38 commodities 17

18 OPEC cuts being offset from non-opec production growth change in global liquid fuels production since January 216 million barrels per day Jan-16 non-opec producers OPEC producers Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 rest of world Canada Libya Brazil total world net change United States Nigeria Saudi Arabia Venezuela Mexico Source: U.S. Energy Information Administration, Short-Term Energy Outlook, February

19 which is expected to completely satisfy global demand growth the remainder of 218 world consumption and non-opec production growth million barrels per day world consumption growth Non-OPEC production growth Q1 216-Q1 217-Q1 218-Q1 219-Q1 Source: U.S. Energy Information Administration, Short-Term Energy Outlook, February

20 However, supply disruption risk in Venezuela is real Venezuela crude oil production million barrels per day 4. U.S. crude oil imports from Venezuela million barrels per day Source: U.S. Energy Information Administration, Monthly Energy Review, Petroleum Supply Monthly, Weekly Petroleum Status Report, Short- Term Energy Outlook, February 218 2

21 For more information U.S. Energy Information Administration home page Annual Energy Outlook Short-Term Energy Outlook International Energy Outlook Monthly Energy Review Today in Energy This Week in Petroleum Drilling Productivity Report International Energy Portal 21

ENERGY SLIDESHOW. Federal Reserve Bank of Dallas

ENERGY 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 information

Diesel prices finally ease Winter weather and international events could determine your fuel bill for 2018 By Bryce Knorr, senior grain market analyst

Diesel prices finally ease Winter weather and international events could determine your fuel bill for 2018 By Bryce Knorr, senior grain market analyst Diesel prices finally ease Winter weather and international events could determine your fuel bill for 2018 By Bryce Knorr, senior grain market analyst After rallying to their highest level in nearly three

More information

Implications of the U.S. Shale Revolution

Implications 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 information

Energy Briefing: US Petroleum Products Supplied

Energy Briefing: US Petroleum Products Supplied Energy Briefing: US Petroleum Products Supplied December 29, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the

More information

CREDIT UNION ESTIMATES

CREDIT UNION ESTIMATES MONTHLY CREDIT UNION ESTIMATES Prepared March 2, 2018 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 0.7% in, compared

More information

US Crude Oil Reshaping International Crude Oil Flows. Olivier Jakob,

US 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 information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

CREDIT UNION ESTIMATES

CREDIT UNION ESTIMATES MONTHLY CREDIT UNION ESTIMATES Prepared November 1, 2017 by Credit Union National Association Economics and Statistics Department cuna.org/mcue Loans Credit union loans outstanding grew 0.7% in, compared

More information

Used Vehicle Supply: Future Outlook and the Impact on Used Vehicle Prices

Used Vehicle Supply: Future Outlook and the Impact on Used Vehicle Prices Used Vehicle Supply: Future Outlook and the Impact on Used Vehicle Prices AT A GLANCE When to expect an increase in used supply Recent trends in new vehicle sales Changes in used supply by vehicle segment

More information

UK Continental Shelf (UKCS) Oil and Gas Production and the UK Economy. Mike Earp

UK Continental Shelf (UKCS) Oil and Gas Production and the UK Economy. Mike Earp UK Continental Shelf (UKCS) Oil and Gas Production and the UK Economy Mike Earp 15 June 215 Outline Production and Reserves Expenditure, Income and Taxation Gross Value Added Trade Recent Production History

More information

Monthly Hog Market Update United States Hog Production

Monthly Hog Market Update United States Hog Production This information is provided as a resource by Saskatchewan Agriculture staff All prices are in Canadian dollars unless otherwise noted. Please use this information at your own risk. Monthly Hog Market

More information

2017 Risk and Profit Conference Breakout Session Presenters. 13. Ethanol and Biodiesel Market and Profitability Prospects

2017 Risk and Profit Conference Breakout Session Presenters. 13. Ethanol and Biodiesel Market and Profitability Prospects 2017 Risk and Profit Conference Breakout Session Presenters 13. Ethanol and Biodiesel Market and Profitability Prospects Dan O Brien Daniel O Brien was raised on a grain and livestock

More information

U.S. GASOLINE AND DISTILLATE FUELS UPDATE - DECEMBER 20, 2017

U.S. GASOLINE AND DISTILLATE FUELS UPDATE - DECEMBER 20, 2017 U.S. GASOLINE AND DISTILLATE FUELS UPDATE - DECEMBER 20, 2017 PRICE TRENDS Monday, December 18 According to the Energy Information Administration (EIA), the average U.S. retail price for regular grade

More information

U.S. Classes 3-8 Used Trucks

U.S. Classes 3-8 Used Trucks Americas Commercial Transportation Research Co., LLC www.actresearch.net COMMERCIAL VEHICLES State of the Industry U.S. Classes 3-8 Used Trucks May 215 Data Published June 24, 215 Contributor to Blue Chip

More information

ASPHALT SUPPLY IN A VOLATILE OIL WORLD

ASPHALT 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 information

November. Next release: 19 January Sep/AugOct/Sep Nov/Oct Dec 14 December Janu 19 January 2018 Sep/AugOct/Sep Nov/Oct 2017

November. Next release: 19 January Sep/AugOct/Sep Nov/Oct Dec 14 December Janu 19 January 2018 Sep/AugOct/Sep Nov/Oct 2017 Sep/AugOct/Sep Nov/Oct 2017 14 Dec 14 December 2017 19 Janu 19 January 2018 Sep/AugOct/Sep Nov/Oct 2017 Next release: 19 January 2018 NovembNovember November Monthly Oil Price Statistics TABLE OF CONTENTS

More information

Dave Carroll Capital Markets Day Markets Update

Dave Carroll Capital Markets Day Markets Update Dave Carroll Capital Markets Day 2004 Markets Update Tomkins Operates in Diverse End Markets Breakdown 2003 Sales ( 3,150m, US$4,795m) Non-Residential Construction 11% Other 9% Automotive OE 27% Residential

More information

GAZIFÈRE INC. Prime Rate Forecasting Process 2017 Rate Case

GAZIFÈRE INC. Prime Rate Forecasting Process 2017 Rate Case Overview A consensus forecast is used to estimate the prime rate charged by commercial banks. As the prime rate is subject to competitive pressures faced by individual lenders and is set on an individual

More information

North American Storage and Transportation Trends

North 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 information

WEEKLY REFINING INDICATORS REPORT WEEK ENDING 06/17/2016

WEEKLY 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 information

STEEL IMPORTS DOWN 5% YEAR-TO-DATE THROUGH FEBRUARY Finished Import Market Share YTD at 25%

STEEL IMPORTS DOWN 5% YEAR-TO-DATE THROUGH FEBRUARY Finished Import Market Share YTD at 25% News Release FOR IMMEDIATE RELEASE March 23, 2018 CONTACT Lisa Harrison 202.452.7115/lharrison@steel.org STEEL IMPORTS DOWN 5% YEAR-TO-DATE THROUGH FEBRUARY Finished Import Market Share YTD at 25% Washington,

More information

ANALYST BRIEFING FOR THE FOURTH QUARTER ENDED FEBRUARY 2017

ANALYST BRIEFING FOR THE FOURTH QUARTER ENDED FEBRUARY 2017 ANALYST BRIEFING FOR THE FOURTH QUARTER ENDED 2016 22 FEBRUARY 2017 MSM Malaysia Holdings Berhad Analyst Briefing Q4 2016 22/2/2017 1 CONTENTS 01 02 03 04 05 Group Financial Highlights Performance Review

More information

Redesigns and Residuals

Redesigns and Residuals Redesigns and Residuals Quantifying the Impact of Vehicle Redesigns on Residual Values Conference of Automotive Remarketing 2013 Session Topics OVERVIEW SAAR Unemployment & Consumer Confidence Gas Prices

More information

U.S. Rail Crude Oil Traffic

U.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 information

Global 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 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 information

Energy Briefing: US Gasoline Weekly

Energy Briefing: US Gasoline Weekly Energy Briefing: US Gasoline Weekly February 16, 2018 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 480-664-1333 djohnson@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www.

More information

TOFAŞ Q ANALYST PRESENTATION

TOFAŞ Q ANALYST PRESENTATION TOFAŞ Q1 2016 ANALYST PRESENTATION 03.05.2016 1 2016 Q1 AGENDA Highlights Turkish Automotive Industry Production & Capacity Utilization Domestic Market Developments Tofaş Domestic Market Performance Export

More information

The Lies We ve Been Told

The Lies We ve Been Told The Lies We ve Been Told November 18, 2008 Role of Petroleum in U.S. Energy Policy Meeting of the Committee on Earth Resources Board on Earth Sciences and Resources National Research Council of the National

More information

Illinois Regulatory and Energy Price Update

Illinois Regulatory and Energy Price Update Illinois Regulatory and Energy Price Update February 2009 Highlights in this update: Commonwealth Edison Company releases revised cost of service study... 1 Proposed order issued in NICOR rate increase

More information

Welcome Welcome... 1

Welcome 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 information

Devaluation Energizes Argentine Soybean Crush

Devaluation Energizes Argentine Soybean Crush United States Department of Agriculture Foreign Agricultural Service March 2016 Devaluation Energizes Argentine Soybean Crush Argentina Quarterly Soybean Crush Volume Exchange Rate* and Constant Dollar

More information

ANALYST BRIEFING FOR THE THIRD QUARTER ENDED NOV 2016

ANALYST BRIEFING FOR THE THIRD QUARTER ENDED NOV 2016 ANALYST BRIEFING FOR THE THIRD QUARTER ENDED 2016 21 NOV 2016 MSM Malaysia Holdings Berhad Analyst Briefing Q3 2016 21/11/2016 1 CONTENTS 01 02 03 04 05 Group Financial Highlights Performance Review Sugar

More information

Sulphur Market Outlook

Sulphur 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 information

2017 U.S. Ethanol Exports and Imports. Statistical Summary Renewable Fuels Association. All Rights Reserved.

2017 U.S. Ethanol Exports and Imports. Statistical Summary Renewable Fuels Association. All Rights Reserved. 2017 U.S. Ethanol Exports and Imports Statistical Summary 2018 Renewable Fuels Association. All Rights Reserved. 2017 U.S. ETHANOL EXPORTS Annual U.S. Ethanol Exports 1, 1, 1,000 800 600-1,367 1,193 1,169

More information

Auto incentives and consumer spending on vehicles. Ted Chu, Senior Economist General Motors Corporation June 3, 2004

Auto incentives and consumer spending on vehicles. Ted Chu, Senior Economist General Motors Corporation June 3, 2004 Auto incentives and consumer spending on vehicles Ted Chu, Senior Economist General Motors Corporation June 3, 2004 Agenda Incentive pressures and consumer affordability Dept of Commerce Bureau of Economic

More information

Commercial Vehicle Review Will the Bump Become Self-Sustaining? Kenny Vieth ACT RESEARCH Co., LLC

Commercial Vehicle Review Will the Bump Become Self-Sustaining? Kenny Vieth ACT RESEARCH Co., LLC Commercial Vehicle Review Will the Bump Become Self-Sustaining? Kenny Vieth ACT RESEARCH Co., LLC Chicago Federal Reserve Bank AOS June 2, 2017 More Questions than Answers Shortly after the election in

More information

HEAVY FUEL THE NARROWING LIGHT-HEAVY CRUDE OIL SPREAD

HEAVY FUEL THE NARROWING LIGHT-HEAVY CRUDE OIL SPREAD Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 $/B HEAVY FUEL THE NARROWING LIGHT-HEAVY

More information

Economic and Commodity Market Outlook

Economic and Commodity Market Outlook Economic and Commodity Market Outlook August 12, 2016 By Robert Coats, Ph.D. Professor Economics Department of Agricultural Economics and Agribusiness Division of Agriculture University of Arkansas System

More information

Factory activity accelerated further in our region this month, posting its highest composite reading since 2011, said Wilkerson.

Factory activity accelerated further in our region this month, posting its highest composite reading since 2011, said Wilkerson. FOR RELEASE Thursday, October 26, 17 EMBARGOED FOR A.M. CENTRAL TIME CONTACT: Pam Campbell 45-27-8617 Pam.Campbell@kc.frb.org TENTH DISTRICT MANUFACTURING ACTIVITY POSTS STRONG GROWTH Federal Reserve Bank

More information

CERI Crude Oil Report

CERI Crude Oil Report December 2017 Oil Market 2017 Year in Review Dinara Millington It has been a turbulent year with natural disasters, geopolitical tensions, and deep political divisions occurring in many countries. Concerning

More information

Economic and Financial Outlook

Economic and Financial Outlook Economic and Financial Outlook Euro Area October 2017 Summary 1 2 3 4 Robust GDP growth in Euro Area, but subdued inflation Spanish GDP growth has stabilized at elevated rates Short View of France and

More information

IEA Refinery Outlook European Recovery in Sight?

IEA 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 information

Construction Sector Indices

Construction Sector Indices STATISTICAL RELEASE UGANDA BUREAU OF STATISTICS January to April 212 Construction Sector Indices HIGHLIGHTS Annual Changes show that the prices for the Whole Construction Sector (covering material prices,

More information

Soybean Oil Prices Diverge on Different Supply Situations

Soybean Oil Prices Diverge on Different Supply Situations United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 10-09 October 2009 Soybean Oil Prices Diverge on Different Supply Situations Soybean Oil Price ($/ton) $900 $850

More information

US Economic Briefing: High Frequency Indicators

US Economic Briefing: High Frequency Indicators US Economic Briefing: High Frequency Indicators December 31, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites

More information

ASTRA AGRO LESTARI PT (AALI IJ) BHINNEKA INVESTMENT GROUP

ASTRA AGRO LESTARI PT (AALI IJ) BHINNEKA INVESTMENT GROUP 1-Nov-16 1-Dec-16 1-Jan-17 1-Feb-17 1-Mar-17 1-Apr-17 1-May-17 1-Jun-17 1-Jul-17 1-Aug-17 1-Sep-17 1-Oct-17 ASTRA AGRO LESTARI PT (AALI IJ) BHINNEKA INVESTMENT GROUP PT Astra Agro Lestari Tbk operates

More information

Soybean Trade Growth: A Story of Brazil, the United States, and China

Soybean Trade Growth: A Story of Brazil, the United States, and China United States Department of Agriculture Foreign Agricultural Service October 2017 Soybean Trade Growth: A Story of Brazil, the United States, and China 12-Month Soybean Export Growth Year Ending September

More information

Integrated E&P Contracts. May 2013

Integrated E&P Contracts. May 2013 Integrated E&P Contracts May 2013 Oil Production Oil production MBD Incremental production w/o Cantarell MBD 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Cantarell Other fields 97 98 99 00 01 02 03 04 05

More information

International Coal Markets

International Coal Markets International Coal Markets www.coalimp.org.uk Nigel Yaxley Managing Director, CoalImp 26 th November 28 International Coal Markets World supply and demand Seaborne trade Reserves and resources International

More information

Weekly Petroleum Status Report

Weekly Petroleum Status Report DOE/EIA-0208(2015-34) Distribution Category UC-98 Data for Week Ended: August 14, 2015 Weekly Petroleum Status Report EIA DATA ARE AVAILABLE IN ELECTRONIC FORM The tables in the Weekly Petroleum Status

More information

FY2/17 (March 2016~February 2017)

FY2/17 (March 2016~February 2017) FY2/17 (March 2016~February 2017) Fact Book 1. Trends in the current fiscal year and previous fiscal year 3. Business overview (1) Performance overview P. 1 (1) No. of students at the end of month P. 7

More information

U.S. Dis(llates: A tale of economic resurgence and failed policy

U.S. Dis(llates: A tale of economic resurgence and failed policy U.S. Dis(llates: A tale of economic resurgence and failed policy Ben Montalbano Director, Research and Opera7ons Energy Policy Research Founda7on, Inc. (EPRINC) PlaDs 2 nd Annual North American Refined

More information

Cambodia. East Asia: Testing Times Ahead

Cambodia. East Asia: Testing Times Ahead Key Indicators Cambodia 68 East Asia: Testing Times Ahead 2002 2003 2004 2005 2006 2007 /e 2008 /p 2009 /p Year Year Year Year Year Year Year Year Real GDP (% change, previous year) 6.5 8.5 10.0 13.5 10.8

More information

Argentine Exporters Switch to Soybean Oil as Biodiesel Exports Fall

Argentine Exporters Switch to Soybean Oil as Biodiesel Exports Fall United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 08-13 Argentine Exporters Switch to Soybean Oil as Biodiesel Exports Fall Argentina s soybean oil exports have surged

More information

N.A. Classes 5-8 Vehicles

N.A. Classes 5-8 Vehicles Americas Commercial Transportation Research Co., LLC www.actresearch.net COMMERCIAL VEHICLES State of the Industry N.A. Classes -8 Vehicles May & YTD 1 Data Published June 17, 1 Contributor to Blue Chip

More information

February highlights (click links to advance to any sec on)

February highlights (click links to advance to any sec on) Volume 42 No. 2 February 2018 Published March 15, 2019 EXECUTIVE SUMMARY Led by gasoline and seasonal demand for hea ng fuels, U.S. petroleum demand of 20.3 million barrels per day (MBD) in February was

More information

ALG July/August 2011 Edition Report

ALG 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 information

Strategic Factors Impacting The California Crude Oil Market. About Purvin & Gertz, Inc. California Independent Petroleum Association

Strategic 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 information

Volatility Advantage for CRT

Volatility Advantage for CRT Volatility Advantage for CRT Commodity prices and estimates held at high levels with only slight changes during the past week. One issue that has puzzled us was how to account for the lower volatility

More information

Energy Produced by PV Array (AC):

Energy Produced by PV Array (AC): 4x17 2x16 400 x PHOTON SOLAR 4 x KACO new energy PH-250P-60 (HDS) INT 250 W Powador 30,0 TL3 15 ; 0 25,0kW Location: Climate Data Record: PV Output: Gross/Active PV Surface Area: Antalya Antalya (1961-1990)

More information

Coconut Oil Prices Spike

Coconut Oil Prices Spike United States Department of Agriculture Foreign Agricultural Service Coconut Oil Prices Spike Coconut oil prices have surged over the past year in contrast to the general downward trend in other vegetable

More information

The Peoples Gas Light and Coke Company

The Peoples Gas Light and Coke Company History of Gas Charges Due to the Operation of Rider 2 (Cents per Therm) Factors for Transportation Customers (Riders FST, SST, P, CFY and AGG) Non- Total Standby Standby Aggregation Commodity Commodity

More information

Energy in Connecticut

Energy in Connecticut Energy in Connecticut Presented by Laurel Kohl Institute for Sustainable Energy at Eastern Connecticut State University 1 First a Survey. Do you pay an energy bill? 2 First a Survey. Do you pay an energy

More information

ASPHALT SUPPLY IN A VOLATILE OIL WORLD. Bill Haverland ConocoPhillips Company

ASPHALT 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 information

Defining the Debate: Crude Oil Exports

Defining 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 information

Latest Update. OMR 14 Nov 2013

Latest 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 information

Manitoba Economic Highlights

Manitoba Economic Highlights Economic Overview Real Gross Domestic Product The Manitoba Bureau of Statistics estimates that Manitoba s real GDP grew 1.9% in 2016, above the national average of 1.4%. Manitoba s real GDP is expected

More information

Growing Soybean Oil Price Raises Oil s Contribution to Total Soybean Value

Growing Soybean Oil Price Raises Oil s Contribution to Total Soybean Value United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 10-07 October 2007 Growing Soybean Oil Price Raises Oil s Contribution to Total Soybean Value Relative Share Value:

More information

U.S. Crude Exports and Impact on Trade

U.S. Crude Exports and Impact on Trade U.S. Crude Exports and Impact on Trade 32 nd Annual Asia Pacific Petroleum Conference Dr. Helen Currie Senior Economist September 7, 2016 Cautionary Statement The following presentation includes forward-looking

More information

The German Market After the Scrapping Scheme. Sascha Heiden Senior Market Analyst Automotive Analysis and Forecasting

The German Market After the Scrapping Scheme. Sascha Heiden Senior Market Analyst Automotive Analysis and Forecasting The German Market After the Scrapping Scheme Sascha Heiden Senior Market Analyst Automotive Analysis and Forecasting The Background Following the financial crisis and its negative impact on global trade,

More information

MONRO MUFFLER BRAKE, INC. ANNOUNCES FOURTH QUARTER AND FISCAL 2015 FINANCIAL RESULTS

MONRO MUFFLER BRAKE, INC. ANNOUNCES FOURTH QUARTER AND FISCAL 2015 FINANCIAL RESULTS CONTACT: John Van Heel Chief Executive Officer (585) 647-6400 Robert Gross Executive Chairman (585) 647-6400 Catherine D Amico Executive Vice President Finance Chief Financial Officer (585) 647-6400 Investors:

More information

The Cost of Banning No. 6 Oil in New York City

The Cost of Banning No. 6 Oil in New York City The Cost of Banning No. 6 Oil in New York City February 23, 2011 Introduction and Summary of Findings The City of New York is proposing to ban the use of No. 6 fuel oil (residual fuel oil) in heating boilers

More information

Refinery Outages: Fourth-Quarter 2015

Refinery Outages: Fourth-Quarter 2015 Refinery Outages: Fourth-Quarter October Independent Statistics & Analysis www.eia.gov U.S. Department of Energy Washington, DC 20585 This report was prepared by the U.S. Energy Information Administration

More information

Dynasty Ceramic. We are making the impossible, POSSIBLE.

Dynasty Ceramic. We are making the impossible, POSSIBLE. Dynasty Ceramic We are making the impossible, POSSIBLE. Contents Road to Success Sales Reports Cost of Production Performance Competitor Analysis Going Forward Q & A 2 Dynasty Ceramic Road to Success DCC

More information

ASPHALT SUPPLY IN A VOLATILE OIL WORLD. Bill Haverland ConocoPhillips Company

ASPHALT 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 information

Macroeconomic Assumptions

Macroeconomic 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 information

Black Book-Fitch Used Car Monthly Depreciation Rate

Black Book-Fitch Used Car Monthly Depreciation Rate 1 2 10% 8% 6% 4% Black Book-Fitch Used Car Monthly Depreciation Rate SUV/Truck rebound after overreaction May 11 gas hits $3.97 Tax Season overall strong used market driven by tight supplies & tax season

More information

Recent Developments in International Seaborne Trade and Maritime Transport

Recent Developments in International Seaborne Trade and Maritime Transport Recent Developments in International Seaborne Trade and Maritime Transport IFSPA, Hong Kong, 3-5 June 2013 Dr. Vincent F. Valentine Officer-in-Charge, Transport Section Division on Technology and Logistics

More information

First half (2014/3/1~2014/8/31)

First half (2014/3/1~2014/8/31) FY2/15 (March 2014~November 201 4) 1.Trends in current fiscal year and previouse fiscal year 3.Business overview (1)Peformance overview P.1 (1)No. of students at the end of month P.7 (2)Cost of sales breakdown

More information

Growth cycles in Industrial production (IIP) (percentage deviation from trend*, seasonally adjusted) Jan-00 Aug-06 Sep-94. Dec-01.

Growth cycles in Industrial production (IIP) (percentage deviation from trend*, seasonally adjusted) Jan-00 Aug-06 Sep-94. Dec-01. Chile The reference series The reference series used for constructing OECD Composite ing Indicator (CLI) for Chile is the index of production in total manufacturing, which is a proxy for the monthly index

More information

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, DECEMBER 23, 2014

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, DECEMBER 23, 2014 NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, DECEMBER 23, 2014 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov BEA 14-65 Kate Shoemaker: (202) 606-5564 (Profits) cpniwd@bea.gov Jeannine

More information

China Iron Ore Iron ore markets: long-term game but near-term volatility. February 2013, Beijing, China

China Iron Ore Iron ore markets: long-term game but near-term volatility. February 2013, Beijing, China China Iron Ore 213 Iron ore markets: long-term game but near-term volatility February 213, Beijing, China Bryanston Resources GmbH * Bahnhofsplatz * 63 Zug * Switzerland Outlook: Sustained short-term prices

More information

INGREDIENT. digest. 9 million pounds. 81 million pounds. Volume 1 Number 1 February 2016

INGREDIENT. digest. 9 million pounds. 81 million pounds. Volume 1 Number 1 February 2016 INGREDIENT Volume 1 Number 1 February 216 digest A global milk surplus coupled with dampened appetites among major importers continues to weigh on global dairy ingredient markets. Global milk powder stocks

More information

FY2015 Third Quarter Financial Results

FY2015 Third Quarter Financial Results FY2015 Third Quarter Financial Results Mitsubishi Motors Corporation February 3, 2016 FY2015 Third Quarter Financial Results All-new Pajero Sport 1 FY2015 1-3Q Results Summary (vs. FY2014 1-3Q) Increase

More information

Gasoline (Unit: 1,000 kl, yen/l) a year Gasoline (retail) Production 6/4 ~ 6/ Supply/ Demand Imports n.a. n.a. n.a. Shipments

Gasoline (Unit: 1,000 kl, yen/l) a year Gasoline (retail) Production 6/4 ~ 6/ Supply/ Demand Imports n.a. n.a. n.a. Shipments Overview June 23, 2017, Friday Released at 14:00 every Friday Publisher: Oil Information Center, Institute of Energy Economics, Japan Inui Bldg. Kachidoki, 11th Floor, 13-1, Kachidoki 1-chome, Chuo-ku,

More information

M.M. Warburg Fieldtrip. September 14th, Anton Poll. Head of Financial Communication/ Analysis, AUDI AG

M.M. Warburg Fieldtrip. September 14th, Anton Poll. Head of Financial Communication/ Analysis, AUDI AG M.M. Warburg Fieldtrip September 14th, 2017 Anton Poll Head of Financial Communication/ Analysis, AUDI AG Markets Financials Outlook The Audi brand comes from a unique growth story in units during the

More information

Rising Coconut Oil Prices Foreshadow Tight Supplies in 2007

Rising Coconut Oil Prices Foreshadow Tight Supplies in 2007 United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 2-07 ruary 2007 Rising Coconut Oil Prices Foreshadow Tight Supplies in 2007 800 Coconut Oil Price: CIF Rotterdam

More information

Sasha Weintraub Duke Energy

Sasha Weintraub Duke Energy Fueling Up within the Game Changer Sasha Weintraub Duke Energy The Game Changer is Happening Definition of game changer Completely changing the way something is done, thought about, or made Time Magazine

More information

Drought Forecast to Reduce Australian Rapeseed Exports in 2007

Drought Forecast to Reduce Australian Rapeseed Exports in 2007 United States Department of Agriculture Foreign Agricultural Service Circular Series FOP 11-06 November 2006 Drought Forecast to Reduce Australian Rapeseed Exports in 2007 1800 1600 1400 1200 1000 800

More information

Martin Stopford President, Clarkson Research

Martin Stopford President, Clarkson Research 9//5 Current and past policies for expanding maintaining or reducing shipbuilding capacity: OECD Working Party No 6 9 th November 5 Martin Stopford President, Clarkson Research Martin Stopford, Clarkson

More information

China is Key to Slow Pace of U.S. Soybean Exports

China is Key to Slow Pace of U.S. Soybean Exports United States Department of Agriculture Foreign Agricultural Service January 2018 China is Key to Slow Pace of U.S. Soybean Exports U.S. and Brazil Soybean Exports by Destination (Accumulated Exports:

More information

Total volume of debit card purchases (billion)

Total volume of debit card purchases (billion) May 08 May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17, millions, billions Debit Card Report May 2017 Key statistics During May the total number of debit cards decreased slightly by 0.2

More information

The Outlook for Energy:

The 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 information

NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MARCH 27, 2014

NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MARCH 27, 2014 NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MARCH 27, 2014 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov BEA 14-13 Kate Shoemaker: (202) 606-5564 (Profits) cpniwd@bea.gov GROSS

More information

FY2/16(March 2015~February 2016)

FY2/16(March 2015~February 2016) FY2/16(March 2015~February 2016) 1. Trends in the current fiscal year and the previous fiscal year 3. Business overview (1) Peformance overview P.1 (1) No. of students at the end of month P.7 (2) Cost

More information

Q3 and January-September 2014 Results

Q3 and January-September 2014 Results Q3 and January-September 2014 Results Bodo Uebber Member of the Board of Management Finance & Controlling and Daimler Financial Services October 23, 2014 1 2 Contents Results for Q3 2014 Outlook for 2014

More information

Local Market Update February 2013

Local Market Update February 2013 Local Market Update February 213 February sales of single-family homes reported in Lucas and Upper Wood County by the Toledo Board of REALTORS totaled 315. This was unchanged compared to February of 212.

More information

Pakistan Refining Industry An Overview

Pakistan 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 information

TABLE OF CONTENTS OECD/IEA, 2017

TABLE OF CONTENTS OECD/IEA, 2017 TABLE OF CONTENTS Foreword... 3 Acknowledgements... 4 Executive Summary... 13 Coal s decade of stagnation... 13 While some demand centres are in decline, others are taking off... 13 High prices endure,

More information