Category Archives: General News

Indian refiners boost product exports 10% despite slump in European buying

Indian refiners managed to export 10% more oil products in the first eight months of 2014, compared with a year ago, amid an increasingly challenging environment of declining demand and rising competition for the export markets, and despite a 12% … Continue reading

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Prices, time, expectations: the oil market’s fuzzy price floor: Kemp

How far do oil prices need to fall to curb the investment in shale production and stem the destruction of demand? As the price of benchmark Brent has plummeted almost 30 percent from $114 per barrel in June to just … Continue reading

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India: Steel imports down 28% in September

India imported 3.86 lakh tonne (provisional) steel in September, down 28.1 per cent y-o-y due to weak demand, according to mjunction services. Steel imports in September last year stood at 5.37 lakh tonne, it said.“The steel import has come down … Continue reading

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India’s first merchant terminal for LNG to come up in Ratnagiri

India’s first merchant terminal for eight million tonnes LNG import, storage and regasification will be set up at Jaigadh Port in Ratnagiri district. An agreement has been signed between H-Energy Gateway Pvt Ltd (HEGPL), a Hiranandani Group company, and Sener-Afcons … Continue reading

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Iron ore falls further as Chinese buying interest stalls

Spot iron ore prices pulled further away from 3-1/2-week highs as buyers from top importer China stepped back after restocking inventories. “Some mills did replenish some stocks after the National Day holidays, but after that the buying interest has slowed,” … Continue reading

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Australian Newcastle coal may slip below $60/mt on falling oil prices: S&P analyst

A further drop in Newcastle 6,300 kcal/kg GAR coal prices to below $60/mt FOB is possible as falling oil prices are resulting in cost savings for Australian producers and providing a buffer for them to accept lower FOB prices, Xavier … Continue reading

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Indonesia signs five gas supply agreements, including LNG deal with BP

Indonesia on Friday signed five natural gas agreements for domestic supply that are expected to increase state revenues by up to $10.5 billion, a statement from the state energy regulator SKKMigas said. Buyers include state power utility Perusahaan Listrik Negara … Continue reading

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Judge LNG shipping industry on its record: shipping chamber

The Canadian shipping industry made a pre-emptive defensive move October 15 at a Vancouver symposium aimed at dispelling fears about the dangers posed by liquefied natural gas tankers. There are officially 18 LNG plants proposed for the British Columbia coast, … Continue reading

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Fall in Oil prices will pull down India CAD to $32bn: CRISIL

India’s Current account deficit(CAD) is set to widen around $10 billion in Q2 from $7.8 billion in Q1 due to higher core (non-oil non-gold) imports, reflecting a gradual revival i ndomestic demand. But CAD is likely to come down in 2014-15 on … Continue reading

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China’s inland mills could be in market for 300mt seaborne iron ore

With prices down 40% since the start of the year it’s easy to lose sight of the fact that the global iron ore trade is still growing robustly. New and significant market opportunities can still open up, even in China … Continue reading

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India’s Jan-Sept Iran oil imports up 38 pct y/y -trade

India’s oil imports from Iran rose 38 percent in the first nine months of the year as shipments surged with an easing of Western sanctions over Tehran’s suspected nuclear activities, tanker arrival data obtained from trade sources shows. Diplomats from … Continue reading

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Northwest European middle distillate outright prices hit new lows as gasoil futures plunge

Outright prices for all middle distillates hit new lows in Europe Tuesday as ICE 0.1% gasoil futures fell to their lowest level since end of November 2010, following a continuing decline in the ICE Brent crude contract. The ICE 0.1% … Continue reading

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Indian Steel Demand Said to Expand at Slowest Pace in Decade

Indian steel demand may have grown at the slowest pace in at least a decade as a new government under Prime Minister Narendra Modi struggles to revive industrial output, people familiar with the development said. The nation’s alloy consumption expanded … Continue reading

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In shift, OPEC price hawk Iran says can live with lower oil

Iran, in a change of tack, is saying it can live with lower oil prices, moving closer to the views of Saudi Arabia and other Gulf OPEC members and reducing the likelihood of any collective cut in OPEC output to … Continue reading

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Iron Price War Deepens Crisis in Ebola-Stricken Sierra Leone

In Sierra Leone, one of the poorest countries in Africa, the hardships of Ebola hit at victims and non-victims alike. Sulaiman Kamara, a handcart pusher in Freetown before the outbreak began in May, used to earn 50,000 leones ($11) a … Continue reading

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Bearish Crude oil: Suppliers look to Asia to absorb surplus

In view of bearishness in Crude Oil, suppliers are focussing on Asian markets to absorb surplus. Barclays noted in a weekly report that global oil consumption has slowed down to 0.61 mn barrels per day in in 2014, the slowest … Continue reading

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India coal imports aren’t a big enough boost: Russell

Australian coal miners desperate for good news got a double boost recently, but India’s cancelling of private mining blocks and Indonesia’s new export rules are a salve rather than a cure for the industry’s woes. An Indian court ruling scrapping … Continue reading

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OPEC increased oil production by the most in almost three years

Crude Oil Price Movements The OPEC Reference Basket fell $4.77 to stand at $95.98/b in September, as sluggish demand and ample supply continue to weight on the oil market. Nymex WTI slipped $3.04/b to $93.03/b in September, while ICE Brent … Continue reading

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Brent Crude Oil: Barclays revises downwards 4Q 2014, 2015 forecast to $93,$96

BarclaysBarclaysBarclays has revised the price forecast for Brent Crude Oil for fourth quarter of 2014 downwards to $93 per barrel from $106/bbl and 2015 forecasts to $96/bbl from $107/bbl levels. However Brent-WTI crude differentials will maintain as earlier forecasted at … Continue reading

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800,000 Tons of Alaskan Crude Oil Imported to Korea, 1st Time in 14 Years

Korean refineries are moving quickly to import crude oil from the U.S. Recently, U.S. condensate (ultra light crude oil) was imported for the first time in 39 years. Import of Alaskan crude oil also started again, which was suspended after … Continue reading

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JSW Crude Steel Production Up 11% In Q2

JSW Steel Ltd., a JSW Group company and part of the O P Jindal Group, reported second quarter Crude Steel production of 3.30 million tons, up by 11 percent from 2.98 million tonnes in the corresponding period last year. Rolled … Continue reading

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Coal India September Output 34.88 MT; Target Missed for Fifth Month

State-owned Coal India Ltd (CIL) missed its output target for a fifth consecutive month in September, producing 34.88 million tonnes (MT) of the dry fuel against the targeted 36.17 MT even as acute fuel shortages continue to hit power generation. … Continue reading

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Iran Matches Saudi Oil Discounts in Bear Market for Crude

Iran will sell its oil to Asia in November at the biggest discount in almost six years, matching cuts by Saudi Arabia as global crude benchmarks slide deeper into a bear market. State-run National Iranian Oil Co. cut official selling … Continue reading

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Commodities Drop Near 5-Year Low on Growth, Glut Concerns

Commodities fell toward a five-year low as oil extended a slide into a bear market amid signs of ample supplies and industrial metals dropped on concern slowing growth from Europe to China will sap demand. The Bloomberg Commodity Index (BCOM) … Continue reading

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