Category Archives: General News

OPEC oil output hits highest since 2012 on Libya, Saudi-Reuters Survey

OPECOPEC’s oil supply jumped to its highest in almost two years in September, a Reuters survey found, due to further recovery in Libya and higher output from Saudi Arabia and other Gulf producers in the face of sub-$100 per barrel … Continue reading

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Asia LPG market in extended contango structure on swelling supply

Abundant Western LPG supplies to Asia up to November and soft demand have kept the paper market in an extended contango structure since August 1, possibly the longest the prompt market has held below the forward month in recent years, … Continue reading

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Future innovation in the oil and gas sector will be driven by collaboration

In the latest industry opinion survey, Lloyd’s Register Energy, the leading compliance, risk and technical consultancy services group, has today released its findings from a major oil and gas survey conducted to assess the impact of innovation and investment by … Continue reading

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Coal stocks at key Indian ports rise 4.7% to 11.19 mil mt: Interocean

Coal stocks at 16 major Indian ports were at 11.19 million mt as of September 26, up 4.7% from a week ago, according to data released late Friday by Indian ship broker Interocean. Of this, thermal coal accounted for 8.71 … Continue reading

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Oil prices at 2-year lows likely to stay weak

The price of crude oil has fallen to its lowest level in over two years, in line with current economic conditions. Oil prices have been trending down since mid-June this year, when Brent crude was priced at around $115, to … Continue reading

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India’s coal imports to jump 60-65 mln T/yr after court scraps concessions

India’s annual coal imports could jump by as much as a third to more than 200 million tonnes for the next few years as a result of a court ruling this week that will halt mining of the resource by … Continue reading

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IPPTA Felicitated at MALA 2014

The Indian Private Ports & Terminals Association – (IPPTA) was felicitated at the MALA award function recently held in Mumbai, for services rendered to the port sector in the past one decade. IPPTA, since its inception in 2003, has been … Continue reading

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Asian Crude Oil demand weakens,supply set to adjust

Reduced appetite for crude oil was seen in Asia’s largest consumers of Crude Oil-China and Japan. Barclays said in a report that they consumed 1.6% less oil year-on-year basis in July. In the year to August, implied oil demand in … Continue reading

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Oil Caps Biggest Weekly Gain in a Month; Discount Narrows

West Texas Intermediate crude capped its biggest weekly gain in a month on speculation stronger U.S. economic growth will increase demand. WTI narrowed its discount to Brent to a one-year low. The U.S. economy expanded in the second quarter at … Continue reading

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Iron ore heads for 7th weekly loss as glut drags

Iron ore is on track to extend its losing run to a seventh straight week after falling to fresh five-year lows as supply continued to outstrip demand in China, the biggest buyer of the steelmaking commodity. Chinese rebar steel futures … Continue reading

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China Steel Demand Shrinks for First Time in 14 Years

China’s steel consumption dropped this year for the first time since at least 2000 due to slower economic growth, leading to a surplus of iron ore in the country and a more than 40 percent plunge in prices of the … Continue reading

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India’s coal imports to jump 60-65 m.t. after court verdict

India’s annual coal imports could jump by as much as a third to more than 200 million tonnes for the next few years as a result of a court ruling this week that will halt mining of the resource by … Continue reading

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Iron ore price fall expected: Albanese

The former boss of Rio Tinto has said that the world’s biggest mining companies are behaving rationally by digging out more iron ore even as prices continue to fall. “This is a realistic market response, and one that was actually … Continue reading

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Oil Curve Errs as U.S. Sales to Shrink Spread

The world’s most-traded energy spread is failing to reflect America’s growing role as a powerhouse of global oil-product exports, Commerzbank AG says. The CHART OF THE DAY shows that the discount of West Texas Intermediate crude, the U.S. benchmark, to … Continue reading

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Hyundai and Shell Base Oil Company Ltd begins production at base oil manufacturing plant in South Korea

HYUNDAI and SHELL Base Oil Co., Ltd. a joint venture company formed by Shell and Hyundai Oilbank, today inaugurated a new base oil manufacturing plant in Daesan, South Korea. The plant has the capacity to produce approximately 13,000 barrels per … Continue reading

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Indonesian thermal coal: New export regime seen as positive for Indonesian prices

A slight recovery in prices for Indonesian-origin thermal coal is expected by some traders once Jakarta’s new export licensing regime takes effect on October 1 and after India’s Supreme Court this week declared void around 200 mining permits for domestic … Continue reading

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India’s Articles of Iron or Steel exports dips in August

India’s Articles of Iron or Steel exports in August plunged 4.46% compared to July. The export has fallen to $587.33 M, according to InfodriveIndia.com. According to Pradeep, Chief Research Associate of InfodriveIndia.com, compared to July 2014, a decrease of $587.33 … Continue reading

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OPEC Yet to Decide on Supply Cuts as Crude Prices Extend Retreat

OPEC has yet to decide to cut its production target, the United Arab Emirates’ energy minister said, as crude prices extend a slide since June amid a boom in U.S. shale oil and signs of slower demand growth in China. … Continue reading

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Coking coal prices to bottom in Q4, track China demand uptick in 2015: analyst

Seaborne coking coal contract prices are seen likely to bottom at $118/mt in the fourth quarter before starting to pick up in 2015 tracking an uptick in China’s property market, ANZ’s Head of Commodities Research Mark Pervan told the International … Continue reading

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Russia says sanctions won’t hurt rise in China oil exports

Russia will meet a plan to boost oil flows to China despite Western sanctions over Russia’s role in the Ukraine crisis aimed at barring its oil firms from foreign technologies and funds, Russian deputy energy minister said. “We have recourses … Continue reading

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Indian thermal coal: Indian inquiries rise as monsoon season ends

Imported lower to mid-CV thermal coal saw a rise in inquiries from Indian buyers, while not much activity was seen for higher CV coal, sources said Monday. Sources said the buying interest has picked up as India’s monsoon season has … Continue reading

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Vale’s new Malaysian facility likely to boost ore exports to China

The Brazilian mining major, Vale, expects that the new Malaysian blending facility would help to boost the declining ore exports to Asian region, especially China and Japan. It intends to maximize the sale of its newly launched Sinter Feed Extra … Continue reading

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Asian iron ore market loses footing as buying confidence hit

A tumble in the derivatives and physical steel markets Monday caused an even bigger fall in market sentiment, with buyers withdrawing and sellers lowering offers to entice greater uptake, but to little avail. Platts assessed the 62% Fe IODEX at … Continue reading

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Steel industry on subsidy life-support as China economy slows

Subsidies accounted for four-fifths of the profits reported by Chinese steel companies in the first half of this year, a dramatic increase in reliance on state support that illustrates starkly the industrial weakness that is an increasing drag on the … Continue reading

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