10 March, 2010
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Port information and disbursements for the dry cargo shipping industry

SSY News


NEWBUILDING DELIVERIES SLOW DOWN IN FEBRUARY 09-03-2010
According to SSY estimates, dry bulk carrier newbuilding deliveries experienced a deceleration in all vessel sizes in February, down from 6.94 Mdwt (86 vessels) in January to 4.34 Mdwt (43 vessels). Preliminary February data show that monthly Capesize newbuilding deliveries fell to 2.64 Mdwt (13 vessels) from 3.37 Mdwt (20 vessels) the previous month. Only one Capesize vessel has been sold for ... [more]

MAINTENANCE TO REDUCE SOUTH KOREAN REFINERY ACTIVITY IN MARCH 09-03-2010
Schedules from South Korea’s four refiners suggest that the country’s refineries will process 2.19 Mbpd of crude oil in March, about a 145 kbpd decrease from last month, Dow Jones reports. Maintenance at two crude distillation plants is the primary reason for the drop, with GS Caltex and S-Oil closing units during the current month. The plans will lead to nationwide refinery utilisation of ... [more]

RICHARDS BAY COAL EXPORTS 08-03-2010
Coal exports from the Richards Bay Coal Terminal fell by 0.26 Mt (-5%) from one year earlier to 4.94 Mt in February. However, this was 0.07 Mt higher than the previous month, according to Bloomberg. This took exports from RBCT in the first two months of the year to a 3-year high of 9.81 Mt. ... [more]

INDIAN IRON ORE SPOT PRICES SOFTEN 08-03-2010
Recent weakness in Chinese steel prices combined with the year-to-date high in Chinese iron ore port stockpiles have resulted in a softening in iron ore spot prices. The delivered cost of spot iron ore exports into China fell to $137/t at the end of last week, ending a 4-week rally after India failed to raise its export taxes. ... [more]

OPEC MEMBERS’ OUTPUT TARGET INDISCIPLINE RISES IN FEBRUARY 08-03-2010
February saw the combined crude production of Opec members (excluding Iraq) reach an average of 26.89 mbpd, up from 26.74 mbpd in January and 2.05 mbpd above the organisation’s stated output target, Argus reports. Amongst the member states with the worst levels of compliance, Angola’s February output averaged 1.96 mbpd, 443 kbpd above target; Iran produced 3.75 mbpd, 414 kbpd above target; and ... [more]

COKING COAL CONTRACT PRICES 05-03-2010
The first coking coal 2010 contract price has been reported settled in Japan. A Japanese steelmaker has agreed with an Australian miner to pay $200/t for coking coal for 2q10 (April-June). This represents a $71/t (+55%) increase compared with the benchmark price of $129/t for the 2009/10 financial year. It is the first time Japanese steelmakers have agreed to a quarterly pricing contract. ... [more]

JAPAN’S CRUDE IMPORTS RISE IN JANUARY 05-03-2010
Japan’s crude imports rose 7.6% y-o-y in January to average 4.08 mb/d, reversing the declining trend seen over the last few months, reports Energy Intelligence. Volumes from top supplier Saudi Arabia were up 6.2% at 1.2 mb/d, while shipments from the UAE were down 2.5% at 770 kb/d. Imports from Iran and Kuwait both fell 19.2% and 24.9% respectively, to 413 kb/d and 250kb/d. These declines were ... [more]

AUSTRALIA’S ORE EXPORTS IN JANUARY REMAIN AT HIGH LEVEL 04-03-2010
Australian iron ore exports stood above 33 Mt for the seventh consecutive month, with an increase of 6.1 Mt (+22%) year-on-year to 34.2 Mt in January, despite a 1.5 Mt decrease from the all-time high of 35.7 Mt set in December 2009, according to the Australian Bureau of Statistics. January shipments to China (23.3 Mt) and Japan (5.9 Mt) fell by 10% and 5% respectively from the previous month but ... [more]

AUSTRALIA’S COAL EXPORTS IN JANUARY REMAIN STRONG 04-03-2010
According to the Australian Bureau of Statistics, Australia’s coal exports in January slipped slightly from their all-time high of 26.8 Mt set in December 2009 to 25.5 Mt, posting a 26% increase year-on-year. Steam coal exports fell by 9% year-on-year to 11.8 Mt in January. In contrast, metallurgical coal exports in the same month showed a massive 88% increase year-on-year to 13.7 Mt, ... [more]

IRAQI CRUDE EXPORTS RISE IN FEBRUARY AS PRODUCTION REACHES POSTWAR RECORD 04-03-2010
Exports of Iraqi crude oil reached an average of 2.08 Mbpd last month, up from 1.96 Mbpd in January, Reuters reports. The southern port of Basra saw volumes depart at an average of 1.61 Mbpd in February, whilst 471 kbpd were exported from the Kirkuk fields. The rise in imports coincides with the country’s highest production levels since November 2001, reports Energy Intelligence. Output hit 2.63 ... [more]

US WEEKLY DATA: SIGNIFICANT RISE IN CRUDE STOCKS 03-03-2010
The latest data from the US Department of Energy reveals that the country’s crude oil inventories rose by 4.1 Mbbl last week to reach a total of 341.6 Mbbl. Crude imports during the same period rose by 152 kbpd to average 9.24 Mbpd. Stocks of mogas rose by 700 kbbl to 231.9 Mbbl, whilst distillate inventories fell to 151.8 Mbbl, a 900 kbbl decrease. Imports of the two products fell by 71 kbpd and ... [more]

JAPAN’S MINERAL IMPORTS 03-03-2010
According to the latest data from Japan’s Ministry of Finance, Japan’s coal imports (including anthracite) saw a modest monthly increase of 0.2 Mt to 14.9 Mt in January. Most of the increase came from Indonesia, up by 26% month-on-month to 3.4 Mt, posting the highest level since July 2006. Meanwhile, Japan’s iron ore imports stood above 10 Mt for the fifth straight month, ... [more]

IRON ORE SPOT PRICE SURGES TO A 17-MONTH HIGH 02-03-2010
The FOB price of Indian iron ore of 63.5% Fe content has risen to $115/t, with the delivered price into China climbing to $140/t, the highest level since early September 2008, according to data from U-Metal. The delivered price is now $25 above the 2009 peak set at the end of last year. The latest price rises have been encouraged by rumours that the Indian government will raise export duties on ... [more]

RUSSIAN CRUDE EXPORTS SCHEDULED TO RISE IN MARCH 02-03-2010
The latest data from Transneft reveals a scheduled month on month increase of 44 kbpd in Russia’s March crude exports by sea, reports Energy Intel. Officially, seaborne crude exports are set to average 2.70 Mbpd this month, however no loading schedules are available for Gdansk or Yuzhny, and actual total loaded volumes are expected to be higher. Primorsk is scheduled to see exports average 1.49 ... [more]

CHINA’S IRON ORE IMPORTS BY SOURCE 01-03-2010
According to U-metal, in January Chinese iron ore imports from Australia and Brazil fell 25% and 24%, respectively, from the previous month. China imported a total of 19.99 Mt of iron ore from Australia, while Brazil was the second largest supplier, shipping 10.23 Mt during the month. Imports from India, however, saw a smaller monthly decline, slipping 12% month-on-month to 9.93 Mt.As ... [more]

SOUTH KOREAN JANUARY CRUDE IMPORTS UP ON MONTH 01-03-2010
January saw South Korean crude imports rise 6.4% from the month before to an average of 2.42 mbpd, Energy Intel reports. At the same time, the latest data represents a hefty 19.5% decline in imported volumes from the same month last year. However, refiner stockpiling in anticipation of tax increases elevated the amount of crude arriving in the country in January 2009 significantly. The Middle ... [more]

ANGOLA BECOMES GREATEST SOURCE OF CHINESE CRUDE IMPORTS 26-02-2010
China’s burgeoning trade relationship with Africa is reflected in the country’s latest crude import data, which show an increase in crude imports from Angola (795 kbpd) and Sudan (272 kbpd) of 53.5% and 130.5% respectively, Energy Intel reports. Angola is now China’s largest source of crude, displacing Saudi Arabia from whom imports arrived at a rate of 688 kbpd, down 7.2% year on year. China ... [more]

US STEEL IMPORTS STAND ABOVE 1 MT FOR FIFTH STRAIGHT MONTH 25-02-2010
According to the American Iron and Steel Institute (AISI), US steel imports in January rose for the third consecutive month to 1.5 Mt, up by 16% from the previous month. This marks the highest level since January 2009, but still represents a 31% year-on-year fall. ... [more]

INDIAN REFINERY RUNS AND CRUDE IMPORTS INCREASE YEAR ON YEAR 25-02-2010
January saw Indian refineries process an average of 3.31 mbpd of crudeoil, a 3.8% increase from the year before, Reuters reports. Reliance’sJamnagar plant processed 724.5 kbpd, up 55.1 kbpd y-o-y, whilstEssar’s Vadinar refinery saw runs increase by 13.3 kbpd from last yearto an average of 283.9 kbpd. The country’s January crude importsaveraged 2.92 Mbpd, a 17.8% ... [more]

WORLD STEEL PRICES RISE TO A 16-MONTH HIGH 24-02-2010
The world export price for HRB (hot-rolled band) steel has risen for the fourth straight month, up by $22/t from end-Jan to the current level of $596/t, according to the latest SteelBenchmarker issued by World Steel Dynamics. The US HRB price has risen by $24/t month-on-month to $670/t, the highest level since November 2008. Meanwhile, the HRB price in the EU has risen by $8/t from early February ... [more]

US WEEKLY DATA: REFINERY ACTIVITY UP, BUT CRUDE INVENTORIES GROW 24-02-2010
Today’s summary of weekly petroleum data from the US Department of Energy reveals that crude inputs increased by 335 kbpd last week. Consequently, refineries were operating at 81.2% of total capacity, up from 79.8% the week before. However, with crude imports rising by 536 kbpd, inventories were up 3 Mbbl to 337.5 Mbbl by the end of the week. Gasoline stocks fell by 900 kbbl to a total of 231.2 ... [more]

NIGERIA: OIL BILL LEADS TO CONCERN OVER FUTURE DEVELOPMENT 23-02-2010
A number of oil majors have expressed concerns that Nigeria’s proposed Petroleum Industry Bill (PIB) could threaten future investment in the country’s oil industry, in particular the development of deep water fields, Reuters reports. The bill, which is currently making its way through the National Assembly, would allow the government to renegotiate existing contracts, reassert control over ... [more]

MAINTENANCE SET TO LIMIT RUSSIAN CRUDE RUNS 22-02-2010
Maintenance work at some of Russia’s major refineries could see the country’s March crude runs fall by 120 kbpd (about 2-2.5% of total capacity) month on month, Argus reports. Last week saw Lukoil shut down a primary ditillation unit at its 195 kbpd Volgograd plant that could lead to an input decline of 36.7 kbpd in March, and 47.35 kbpd in April. Maintenance here will be followed by work at the ... [more]

CPC EXPORTS SET TO FALL IN MARCH 19-02-2010
Exports of CPC Blend from Novorossiysk are forecast to fall to 669 kb/d in March, the lowest level since May 2009, reports Argus. Volumes hit a record 796 kb/d in January, 4.6% higher y-o-y, having risen from 758 kb/d in December. The lower volumes are most likely due to maintenance on the pipeline or the Tengiz field. ... [more]

US CRUDE AND GASOLINE STOCKS RISE, DISTILLATE FALL 18-02-2010
US crude stocks grew 3.1m bbl last week to 334.5m bbl, 4.6% lower on the year, as imports rose 206 kb/d to 8.5 mb/d, according to the latest data from the US Department of Energy. Gasoline inventories were up 1.7m bbl at 232.1m bbl, the highest level since March 2008, despite imports declining 459 kb/d to 709 kb/d as demand fell 245 kb/d to 8.5 mb/d. Distillate stocks were down 2.9 mbbl at 153.3m ... [more]

GLOBAL OIL DEMAND RISES YOY 16-02-2010
Global oil demand fell 980 kb/d month-on-month in January but grew 1.34 mb/d on the year to 85.88 mb/d, as sharp gains in non-OECD countries more than offset lower OECD consumption, reports Energy Intel. China saw y-o-y growth of 1.19 mb/d due to surging economic growth, while OECD demand fell 853 kb/d on the year. Global supply was up over 2 mb/d on the year at 86.63 mb/d, up just 80 kb/d on the ... [more]

SOUTH KOREAN CRUDE RUNS DOWN IN FEBRUARY 15-02-2010
The four South Korean refiners are set to process 2.26 mbpd of crude in February, about a 15 kbpd decrease from January’s volumes, reports Dow Jones. Strong mogas and naphtha cracks are leading refiners to focus on these products, as gasoil cracks remain below the levels required by many refiners. The country’s exports of mogas are scheduled to leave on 10.5-11.5 MRs this month, compared to ... [more]

COAL IMPORTS INTO CHINA REMAIN HIGH 12-02-2010
Coal imports into China in January stood above 16 Mt for the third time, down by 0.31 Mt from the previous peak of 16.38 Mt set in December, posting a fourfold increase year-on-year due to strong domestic demand, according to preliminary data from China Customs. ... [more]

US WEEKLY DATA: MOGAS STOCKS UP AS CRUDE INPUTS SHOW SLIGHT INCREASE 12-02-2010
The latest summary of weekly petroleum data from the US Department of reveals that last week mogas stocks increased by 2.3 mbbl to 230.4 mbbl, as imports increased by 242 kbpd to an average of 1.17 mbpd and refinery inputs rose by 129 kbpd to average 13.59 mbpd. Refinery utilisation increased by 1.4% to 79.1% of total operable capacity. By the end of the week, distillate stocks stood at 156.2, a ... [more]

WORLD STEEL PRICE CONTINUES TO RISE 11-02-2010
According to the latest SteelBenchmarker issued by World Steel Dynamics, the world export price for hot rolled band has risen by $13/t from end-Jan to $587/t, the highest level since November 2008. The US HRB price has risen to a 15-month high of $656/t. In contrast, the HRB price in the EU has fallen by $13/t to $592/t. The Chinese HRB price dropped by $2/t to the current level of $466/t. ... [more]

IEA GLOBAL OIL DEMAND FORECAST REVISED UPWARDS 11-02-2010
In its latest Oil Market Report, the International Energy Agency (IEA) has revised upwards its global oil demand forecast for 2010 by 170 kbpd to 86.5 mbpd. The forecast for non-OPEC production in 2010 is revised up 120 kbpd to 51.6 mbpd, with the call on OPEC crude predicted at 29.4 mbpd, an upward revision of 300 kbpd. The agency’s refinery crude throughputs for 1q10 remain unchanged at 72.6 ... [more]

CHINA IMPORTS 46.6 MT OF IRON ORE IN JANUARY 10-02-2010
Preliminary customs data from China indicate that iron ore imports totalled 46.62 Mt in January. Despite being the lowest monthly total since October (and down on the December import total of 62.2 Mt), this marks a gain of 43% on the same month last year. ... [more]

CHINESE CRUDE IMPORTS CONTINUE TO RISE YEAR-ON-YEAR 10-02-2010
China’s crude imports averaged 4.05 mbpd in January, a 1.02 mbpd (33%) increase on volumes imported during the same month last year. The latest data does, however, represent a fall from last month’s record imports of 5.03 mbpd. Having exported an average of 639 kbpd compared with imports of 601 kbpd, China remains a net exporter of petroleum products, having become so in December for the first ... [more]

FEBRUARY SEES INCREASE IN NORTH SEA PRODUCTION 09-02-2010
The Norwegian and UK North Sea sectors saw crude production rise by 67kbpd (3.4%) to 2.023 mbpd in January, Energy Intel reports. All of the increase came from the UK systems, which saw production up by 81 kbpd, whilst Norwegian output fell by 15 kbpd. Cargoes of the crudes that underlie dated Brent are scheduled to load at an average of 1.32 mbpd this month, compared to 1.27 mbpd in January. ... [more]

IRON ORE SPOT PRICE REBOUNDS 09-02-2010
The FOB price of Indian iron ore of 63.5% Fe content rebounded by $2/t week-on-week to $103/t from the year-to-date low of $101/t last week, according to data from U-metal. The iron ore spot price has stood above $100/t over the past six consecutive weeks. ... [more]

DRY BULK CARRIER NEWBUILDING DELIVERIES HIT A NEW RECORD IN JANUARY 08-02-2010
Dry bulk carrier newbuilding deliveries experienced an acceleration in January, hitting a new record of 6.3 Mdwt or 77 vessels. The Capesize fleet continued to expand at a faster pace than any other sector of the dry bulk fleet, with 19 new Capes delivered in January, compared with the previous high of 17 vessels in September 2009. Increases were also apparent in the Panamax sector, with 15 ... [more]

OPEC PRODUCTION UP IN JANUARY 08-02-2010
Production by the eleven members of OPEC excluding Iraq averaged 26.75mbpd in January, 1.9 mbpd above the organisation’s own quota, Argusreports. This represents the tenth consecutive rise in monthlyproduction, and sees quota compliance fall to 55%. Furthermore,scheduled OPEC shipments are set to rise in February, resulting in thefirst year on year rise since the global ... [more]

JAPANESE & SOUTH KOREAN CRUDE IMPORTS FALL 05-02-2010
Japan has lost its position as Asia’s largest importer of crude, as average imports for 2009 fell by 12.7% year on year to 3.65 mbpd, reports Energy Intel. The fall was compounded by average imports in December of 4.06 mbpd, a 2.6% decline from November’s volumes. The declines can be attributed to a fall in domestic sales of petroleum products which averaged 3.33 mbpd last year, 6.9% less than in ... [more]

GLOBAL OIL SURPLUS WIDENS IN JANUARY DESPITE GROWTH IN NON-OECD DEMAND 04-02-2010
The global oil surplus grew to close to 1.5 mbpd in January as, month on month, demand fell by 820 kbpd to average 85.61 mbpd and supply increased by 150 kbpd to 87.1 mbpd, reports Energy Intel. Compared to January 2009, when recession was hitting hardest, global demand last month was up by 1.08 mbpd. Non-OECD demand was up by 2.35 mbpd year on year and now averages 40.1 mbpd, whilst OECD demand ... [more]

INDIAN IRON ORE PRICES CONTINUE TO FALL 04-02-2010
The FOB price of Indian iron ore of 63.5% Fe content fell for the third straight weeks, down by $3/t week-on-week to $101/t at the end of last week, posting the lowest level so far in 2010, according to data from U-Metal. However, January’s monthly average price to $104.2/t, remains the highest monthly average level since October 2008. ... [more]

WEST AFRICAN CRUDE HEADS EAST AT RECORD LEVELS 02-02-2010
Strong demand from China and India has ensured that West African crude headed east at an average of 1.72 mbpd in January, reports Argus. Chinese imports accounted for 1.04 mbpd of shipments, whilst exports to India averaged 590 kbpd, a record high. February’s loading schedules suggest that volumes will continue to flow eastwards at a rapid rate, with 1.58 mbpd of West African crude due to be ... [more]

STEAM COAL PRICES SURGE 01-02-2010
Steam coal prices rose in January for the fourth straight month due to strong winter demand. Newcastle steam coal prices showed the biggest gains, with an increase of 16% month-on-month to a monthly average of $95/t in January, the highest level since October 2008, according to McCloskey. Average coal prices from Richards Bay rose to a 14-month high of $85.77/t in January. Columbia’s coal ... [more]

FEBRUARY TO SEE FALL IN RUSSIAN CRUDE LOADINGS 01-02-2010
This month’s loading schedule of 2.44 mbpd points towards an 11% month-on-month fall in seaborne exports of Russian crude in February, Argus reports. Primorsk is expected to load 1.25 mbpd this month, 14.3% less than in January, whilst Novorossiysk will see a 2.2% fall in exports with 856 kbpd leaving the port in February. Kozmino is one of the few major ports to see an increase in exports with a ... [more]

US ECONOMY GREW BY 5.7% IN THE 4Q09 29-01-2010
The US economy in the 4q09 grew by 5.7% on an annual basis – the fastest quarterly growth rate over the past six years, according to the Commerce Department. However, US GDP shrank by 2.4% year-on-year in 2009, the lowest growth rate since 1946. ... [more]

YEAR-ON-YEAR INCREASE POSITIONS CHINA AS ASIA’S LEADING CRUDE IMPORTER 29-01-2010
China’s 2009 crude oil imports averaged 4.1 mbpd, representing an increase of more than 14% from the year before and allowing the country to overtake Japan as Asia’s largest crude importer, reports Energy Intel. Producers from the Middle East were China’s main suppliers, providing, on average, 1.96 mbpd (47.8% of total imports) of crude; Africa follows, supplying 1.23 mbpd (30.1%). Amongst ... [more]

INDIA’S COAL IMPORTS SURGE IN 2009 28-01-2010
Sustained strong demand in India boosted Indonesia and South Africa coal exports in 2009. According to McCloskey, the annualised rate from the first ten months put Indonesian coal exports to India in 2009 at 38.36 Mt, posting a massive increase of 47% on 2008. South Africa’s coal exports to India in Jan-Nov were 18.96 Mt, bringing the annualised rate to 20.68 Mt, which would represent a ... [more]

US WEEKLY DATA: CRUDE OIL INVENTORIES DOWN, MOGAS AND DISTILLATES UP 27-01-2010
According to the latest data from the US Department of Energy, crude oil inventories fell last week by 3.9 mbbl to total 326.7 mbbl. Imports declined by 673 kbpd to average 7.9 mbpd. Mogas was imported at an average of 823 kbpd, up 93 kbpd from the week before, whilst stocks gained 2 mbbl and stand at 229.4 mbbl. Distillate inventories total 157.5 mbbl, up 400 kbpd from the week before, as ... [more]

IMF REVISES UP GLOBAL ECONOMIC GROWTH FORECAST TO NEAR 4% IN 2010 26-01-2010
In the previous forecast from the International Monetary Fund (IMF), worldwide economic growth for 2010 was predicted at 3.1%, whereas now the forecast has been raised to 3.9% after negative growth of 0.8% in 2009. Expansion of 4.3% is forecast for 2011. Global recovery from recession has been led by emerging markets. Growth in emerging and developing economies is expected to rise to 6% ... [more]

NORWEGIAN OIL PRODUCTION FALLS FOR SIXTH CONSECUTIVE YEAR IN 2009 26-01-2010
Recently released data from the Norwegian Petroleum Directorate (NPD) reveals that the country’s oil output averaged 2.32 mbpd last year, a 141kbpd (5.7%) drop from 2008, reports Energy Intel. Production peaked in 2003 at an average of 3.41 mbpd, but has fallen every year since. Whilst 2010 is forecast to see a further decline, the coming on stream of a number of new small fields and ongoing ... [more]

COLOMBIAN COAL EXPORTS HIT AN 11-MONTH HIGH 25-01-2010
Coal exports from Colombia rose by 25% month-on-month and 8% year-on-year to 6.02 Mt in November 2009, the highest level since December 2008. However, exports in Jan-Nov 2009 fell by 8% year-on-year to 57.3 Mt. Exports to Europe for the first eleven months of 2009 rose by 10.7% to 34.7 Mt. Shipments to the Americas showed a sharp decline year-on-year, with a decrease of 27% to 19.8 Mt in Jan-Nov ... [more]

RECORD FSU CRUDE LOADINGS IN DECEMBER ROUND OFF BUMPER YEAR 25-01-2010
Crude exports from the Former Soviet Union in December averaged a record 6.85 mbpd, over 170 kbpd more than the volumes exported in November, Argus reports. The figures for the last month of 2009 mean that for the year as a whole shipments averaged 6.65 mbpd, more than 560 kbpd greater than in 2008. Higher volumes of BTC (Baku-Tbilisi-Ceyhan) Blend leaving Ceyhan and greater Azeri Light ... [more]

US SOYA EXPORTS HIT A NEW RECORD 22-01-2010
According to the US Department of Agriculture (USDA), US soya exports surged to a record total volume of 9.3 Mt in November 2009. Soyabean exports were 2.68 Mt higher than the previous high set in October 2009, with an increase of 70% to 8.02 Mt in November. Soyameal exports hit an all-time high of 1.26 Mt, representing a massive 82% jump month-on-month and 124% increase year-on-year. ... [more]

WORLD BANK REVISES GLOBAL ECONOMY FORECAST UPWARDS 22-01-2010
In its latest forecast, the World Bank envisages that global economic recovery will proceed at a speedier rate than it had anticipated six months ago, Dow Jones reports. Then global growth for 2010 was predicted at 2.0%, whereas now expectations are for 2.7%. Slow down in 2009 is now thought to have been at 2.2% year-on-year, a less severe diminishment than the 2.9% contraction forecast last ... [more]

CHINA’S ECONOMIC GROWTH 21-01-2010
China’s GDP growth accelerated by 8.7% year-on-year in 2009, exceeding the full-year growth target of 8%. The growth rate in the 4q09 was 10.7% on an annual basis - the fastest quarterly growth rate for two years, according to the National Bureau of Statistics. ... [more]

US WEEKLY DATA: DROP IN REFINERY ACTIVITY, AS CRUDE IMPORTS FALL 21-01-2010
The US Department of Energy’s latest weekly summary of petroleum data reveals that US refinery inputs averaged 13.8 mbpd last week, a decrease of 181 kbpd from the week before. The country’s refineries were operating at 78.4% of combined capacity, compared to 81.3% during the previous week. Crude oil imports fell by 355 kbpd week-on-week, to an average of 8.5 mbpd. This matches the average ... [more]

CPC EXPANSION BEGINS AS LATEST DATA SHOWS YEAR-ON-YEAR DEMAND INCREASE 19-01-2010
Work to expand the capacity of the Caspian Pipeline Consortium’s (CPC) Tengiz – Novorossiysk pipeline will begin this month, reports Argus. The line’s current 692 kbpd capacity is to be increased to 1.35 mbpd by 2014. The project commences accompanied by the news that CPC shipped an average of 695.2 kbpd of crude oil in 2009, a 9.9% increase from the year before. ... [more]

DECEMBER COAL IMPORTS INTO CHINA AT NEW PEAK 18-01-2010
Coal imports into China in December climbed to their highest monthly level of 16.38 Mt, according to official customs data. The previous monthly high was 16.1 Mt recorded in June. As a result imports for the 2009 calendar year surged to 125.83 Mt, a massive hike from 40.8 Mt of imports in 2008. ... [more]

2009 NORTH SEA CRUDE OUTPUT DOWN YEAR-ON-YEAR 18-01-2010
North Sea crude and condensate production averaged 3.53 mbpd last year, down from 3.83 mbpd in 2008, Argus reports. UK output averaged 1.21 mbpd, a decline of 118 kbpd from the year before, whilst Norwegian volumes averaged 2.04 mbpd, a 143 kbpd drop from 2008 average daily output. Furthermore, the region’s decline looks likely to continue in both the short and long-term future. Recent severe ... [more]

CHINA’S BANK LENDING 15-01-2010
Bank lending played a key role in facilitating the extraordinary growth in Chinese mineral demand last year. According to the People’s Bank of China, China’s new yuan-denominated lending rose to 379.8 billion yuan from November’s 294.8 billion yuan. This brought China’s 2009 annual new lending up by 4.7 trillion yuan from a year earlier to an unprecedented volume of 9.6 ... [more]

IEA GLOBAL OIL DEMAND FORECAST REMAINS UNCHANGED 15-01-2010
In its latest report, the International Energy Agency (IEA) has maintained its forecast for global oil demand for both 2009 and 2010. Last year’s demand is forecast to average 84.9 mbpd, 1.3 mbpd less than in 2008, whilst this year’s demand is estimated at 86.3 mbpd. Non-OECD countries will be the main drivers of demand growth, with the OECD seeing only slow demand recovery, despite recent ... [more]

UK INDUSTRIAL PRODUCTION 14-01-2010
According to the Office for National Statistics (ONS), UK industrial production in November rose by 0.4% from the previous month. Industrial output fell by 6% compared with November 2008. The figures give weight to the view that the UK exited recession in the 4q09. ... [more]

ESTIMATED VENEZUELAN CRUDE PRODUCTION DOWN IN DECEMBER 14-01-2010
Energy Intelligence estimate from export data that Venezuelan crude production averaged 2.53 mbpd in December, a 77 kbpd decline from November’s estimated volumes. Total output for 2009 is estimated at an average of 2.5 mbpd, down 95 kbpd year-on-year. Exports for December fell by 195 kbpd to 1.88 mbpd, ensuring that the month saw the lowest volume loaded in 2009, which, as a whole, saw exports ... [more]

US COAL EXPORTS IN NOVEMBER FALL 13-01-2010
US coal exports (including anthracite coal, excluding shipments to Canada) slipped by 0.72 Mt (-15%) from the 2009 high of 4.89 Mt set in October to 4.17 Mt in November, down by 0.92 Mt (-18%) year-on-year. Coal exports in the first eleven months of 2009 totalled 39.34 Mt, down by 20% year-on-year. Steam coal exports in Jan-Nov 2009 fell by 26% year-on-year to 11.12 Mt. In the same period, coking ... [more]

US WEEKLY DATA: INVENTORIES RISE ALONG WITH INCREASED IMPORTS & REFINERY ACTIVITY 13-01-2010
The latest data from the US Department of Energy show that last week refinery inputs in the country totalled 14.0 mbpd, an increase of 213 kbpd from the week before. Operation of units was at 81.3% of capacity, a 1.4% increase week-on-week. Crude inventories rose by 3.7 mbbl from the previous week to total 331.0 mbbl, with imports averaging 8.9 mbpd, an increase of 540 kbpd. Distillate stocks ... [more]

CHINA’S PASSENGER CAR SALES HIT OVER 10 MILLION UNITS IN 2009 12-01-2010
Chinese passenger car sales rose by 53% year-on-year to an all-time high of 10.3 million units in 2009, according to China’s Association of Automobile Manufacturers. Total automobile sales rose by 46% year-on-year to 13.6 million units in 2009. Meanwhile, new car sales in the US plunged 21% year-on-year to a 27-year low of 10.43 million units. This is the first time that China has ... [more]

SOUTH KOREA: COLD WEATHER & RISE IN DEMAND PROMPTS INCREASE IN 12-01-2010
South Korea’s four refiners are planning to process an average ofbetween 2.24 and 2.26 mbpd of crude oil this month, up from 2.22 mbpdin December, reports Dow Jones. This represents the first rise in twomonths after refiners reduced their activity on refining losses.Recent cold weather in the country and tighter supply in the wake ofcurrent strong apparent demand has ... [more]

CPC LOADING VOLUMES UP IN JANUARY 12-01-2010
The Caspian Pipeline Consortium (CPC) expects to ship 737kbpd of oil from Novorossiysk in January, an increase of around 6.9%from December’s 689 kbpd schedule. ... [more]

CHINA’S IRON ORE IMPORTS IN 2009 UP 41% 11-01-2010
Preliminary customs data for December show a sharp rise in China’s iron ore imports to a second-highest level of 62.2 Mt. This puts annual imports in 2009 at 628 Mt, a rise of 41% on 2008. If confirmed December’s total would be almost double the monthly import total in January 2009. ... [more]

CHINESE CRUDE IMPORTS HIT RECORD HIGHS, WHILST PRODUCT EXPORTS ROCKET 11-01-2010
Chinese imports of crude oil reached 5.03 mbpd in December, exceeding the previous record high of 4.65 mbpd in July of last year, and representing a 20.2% increase from November’s volumes, as well as a 48% jump year-on-year. The country’s oil imports for 2009 as a whole averaged 4.09 mbpd, a 13.9% rise from 3.6 mbpd in 2008. The year-on-year increase can be put down to new refining capacity that ... [more]

CAPE AND PANAMAX AVERAGE EARNINGS NEAR PARITY 08-01-2010
With the exception of acutely depressed markets such as the 4q08, the Capesize:Panamax earnings ratio dropped to its lowest level of just 1.02 today. The ratio is now lower than its September 2009 level when it sank to 1.13. The near-parity between Cape and Panamax average earnings at that point preceded a strong rally in the Capesize market. ... [more]

GLOBAL DEMAND RISES IN DECEMBER 08-01-2010
Global oil demand in December rose over 950 kb/d month-on-month to just over 86 mb/d, exceeding the 460 kb/d rise in supply, reports Energy Intelligence. Supply now stands at 87.26 mb/d, 1.5% higher on the year, giving a surplus of 1.2 mb/d. The largest month-on-month rise in demand was in the US, where cold weather boosted demand for heating oil and diesel. Overall, US demand levels rose over ... [more]

AUSTRALIA’S IRON ORE EXPORTS IN NOVEMBER 07-01-2010
Exports of Australian iron ore rose by 4% from the previous month to the second highest monthly level in 2009 of 34.4 Mt (wet basis) in November, representing a massive 69% increase year-on-year. However, this was just short of August’s monthly record of 34.8 Mt, trade data show. As a result, exports in the first eleven months totalled 346.3 Mt, up by 16% year-on-year. China accounted ... [more]

JANUARY SEES FALL IN SCHEDULED NORTH SEA PRODUCTION AND LOADINGS 07-01-2010
Overall production in the eight principal crude systems in the Norwegian and UK North Sea sectors is scheduled to average 1.96 mbpd, down 102 kbpd (just less than 5%) from December, Energy Intelligence reports. The UK sector accounts for much of the decline, with a net loss in production of 100 kbpd, with Brent and Forties systems posting falls of 27 kbpd and 51 kbpd respectively. Flotta is set ... [more]

RICHARDS BAY COAL EXPORTS IN 2009 06-01-2010
Richards Bay Coal Terminal exported 61.1 Mt of coal in 2009 with 5.5 Mt (-9% year-on-year) shipped in December. This marks a small decrease from the export total of 61.8 Mt in 2008, falling for the fourth consecutive year. Also it is below the current port design capacity of 76 Mtpa. Bloomberg reported about 41% of Richards Bay coal shipped to Asia, up from 18% in 2008, while 46% of exports were ... [more]

US WEEKLY DATA: CRUDE & MOGAS STOCKS UP, ONLY SLIGHT FALL IN DISTILLATES 06-01-2010
Today’s data from the US Department of Energy reveals that distillate inventories fell to 219.7 mbbl last week, a 0.3 mbbl decline from the week before. Crude stocks rose by 1.3 mbbl to reach 327.3 mbbl, whilst gasoline reserves totalled 219.7, a 3.7 mbbl increase week-on-week. Crude imports averaged 8.4 mbpd, up 328 kbpd from the week before. Gasoline imports fell 31 kbpd to average 784 kbpd, ... [more]

AUSTRALIA’S NEWCASTLE PORT COAL EXPORTS IN 2009 05-01-2010
According to data from Port Waratah Coal Services, Newcastle exported 92.8 Mt of coal in 2009 with 9.27 Mt shipped in December. This represents a small rise from the export total of 91.4 Mt in 2008, however, it is still below the port’s nameplate capacity of 102 Mtpa. Japan claimed a 55% share of Newcastle’s coal exports in 2009 with 50.7 Mt. The second largest importer was South Korea, ... [more]

TOTAL RUSSIAN EXPORTS SET TO FALL IN JANUARY, AS MORE CRUDE HEADS EAST 05-01-2010
Transneft has scheduled seaborne crude exports of 2.69 mbpd in January, 84 kbpd less than was scheduled for last month, reports Energy Intelligence. Less crude has been allocated for export from Black Sea and Baltic ports as volumes begin to head east along the ESPO (East Siberia-Pacific Ocean) pipeline. Redirection along this route is resulting so far in a loss in overall export volumes. Black ... [more]

CHINESE CRUDE IMPORTS SURGE YEAR-ON-YEAR, WHILST JAPAN SEES FURTHER 04-01-2010
November saw Chinese crude imports average 4.18 mbpd, a 28% increase compared to the same period in 2008, Energy Intelligence reports. The Middle East was the main source of the country’s oil, providing an average of 2.14 mbpd, about 51% of the overall import total. Africa supplied 1.18 mbpd (28% of the total), as imports from the region saw significant increases, a trend that, according to ... [more]

IRON ORE FOB PRICE CONTINUES TO RISE, EXPORT DUTY IMPOSED 04-01-2010
The FOB price of Indian iron ore of 63.5% Fe content rose to a 15-month high of $102/t at the end of last week, according to data from U-metal. This takes the delivered price in China to $123/t, also the highest level since mid-September 2008, and $8/t above the 2009-high of $115/t set at the end of 2009. Meanwhile, an export duty of 5% was imposed on iron ore fines from 25th December ... [more]

IRON ORE FOB PRICE HIGHEST IN 2009 29-12-2009
The FOB price of Indian iron ore of 63.5% Fe content rose to a 15-month high of $93/t at the end of last week, according to data from U-Metal. This takes the delivered price in China to $115/t, also the highest level since end-September 2008, and $5/t above the previous 2009-high recorded in early August. ... [more]

RUSSIA & UKRAINE REACH DEAL OVER OIL TRANSIT 29-12-2009
Russia and Ukraine have come to an agreement that will prevent disruption of oil supplies to the EU, BBC News reports. According to Transneft, the Russian pipeline operator, Ukraine had yesterday demanded higher payments for the transit of Russian oil, a move that threatened to lead to the disruption of shipments to the Czech Republic, Slovakia and Hungary. However, Naftogaz, the Ukrainian state ... [more]

KOZMINO TERMINAL BEGINS OPERATION 29-12-2009
On Monday, Russian Prime Minister, Vladimir Putin, officially opened the new oil terminal at Kozmino, on Russia’s Pacific Coast and ceremonially began the loading of the first shipment of ESPO Blend. The terminal is scheduled to export an average of 250 kbpd in 1q10, with the potential to load 600 kbpd in the next few years. ... [more]

CHINA’S IRON ORE IMPORTS BY SOURCE 24-12-2009
In November, China imported a total of 19.26 Mt of iron ore from Australia, up by 27% YoY. The second largest supplier was Brazil, with 14.06 Mt of iron ore imported by China, up by 14% MoM and 56% YoY, while imports from India rose from the recent low of 5.26 Mt in October to 8.21 Mt, according to U-metal. ... [more]

PROTESTS OVER TERMS OF AMNESTY DEAL THREATEN NIGERIAN OIL PRODUCTION 24-12-2009
Protests by former militants have erupted in the Nigerian cities of Yenegoa, Bayelsa state, and Warra, Delta state, reports Reuters. Security forces have been deployed to disperse the protesters. Militant attacks on the oil industry in the region had up until recently prevented Nigeria from pumping much more than two-thirds of its 3mbpd production capacity. A cease-fire in October had brought ... [more]

US ECONOMY 23-12-2009
The US economy grew at an annual pace of 2.2% in the 3q09, down from the previous estimate of 2.8%. This is the first quarter in which the US economy returned to growth after four quarters of decline. ... [more]

US WEEKLY DATA: DISTILLATE, CRUDE & MOGAS STOCKS FALL 23-12-2009
The latest data from the US Department of Energy reveals that last week saw crude oil stocks decrease by 4.9 mbbl from the week before to total 327.5 mbbl. Distillate inventories were down 3.1 mbbl to 161.3 mbbl week on week, whilst gasoline reserves fell by 0.9 mbbl to 216.3 mbbl. Crude imports averaged 7.7 mbpd last week, a decrease of 65 kbpd from the week before. The last four weeks have seen ... [more]

SOUTH KOREAN IRON ORE IMPORTS HIT A 12-MONTH HIGH 22-12-2009
South Korea’s iron ore imports in October rose by 30% from the previous month to a year-to-date high of 4.76 Mt, compared with 4.85 Mt in the same month last year. January-October imports total 34.3 Mt, down by 18.2% year-on-year. Australia accounted for 72% (3.43 Mt) of October’s iron ore shipments to South Korea, the biggest monthly volume since March 2001. ... [more]

NOVEMBER FSU CRUDE EXPORTS DOWN 22-12-2009
FSU crude exports for last month averaged 6.68mbpd, down 90 kbpd from October, according to the latest data. Much of the net fall came as a result of a 99 kbpd decrease in shipments through the Transneft pipeline system which totalled 3.81 mbpd for November. The amount of Kazakh crude shipped through the system fell by 43 kbpd to 386 kbpd as higher volumes headed east along the Kazakh-China ... [more]

OPEC PRODUCTION TARGETS UNCHANGED 22-12-2009
As widely anticipated, OPEC decided to keep production targets unchanged at their meeting in the Angolan capital of Luanda earlier today, Bloomberg reports. Output quotas will remain at 24.85 mbpd after members expressed reasonable satisfaction with current oil prices. ... [more]

WORLD STEEL OUTPUT 21-12-2009
World crude steel production rose by 24.2% year-on-year to 107.5 Mt in November, according to data from the World Steel Association. This is the third month in a row when global steel output registered year-on-year growth, although total output was down from the October level (of 113.4 Mt). The majority of this month-on-month decrease was due to China, which dropped by 4.5 Mt to 47.26 Mt, but ... [more]

CHINESE OIL DEMAND UP YEAR ON YEAR 21-12-2009
Apparent Chinese oil demand for November rose 18.7% year on year, according to a report from Platts. Demand for the month was estimated at 8.22 mbpd, up from 6.94 mbpd in November 2008, a time of rapid economic deterioration and prior to the government’s Yuan 4 trillion stimulus program. Last month’s figure also showed an increase in demand of 210 kbpd compared to October. An 11.4% fall in ... [more]

SOUTH KOREAN PRODUCT DEMAND POINTS TO STRENGTHENING ECONOMIC RECOVERY 21-12-2009
Meanwhile, South Korean product demand for November was up for the second month in a row pointing towards strengthening economic recovery, Bloomberg reports. The country used an average of 2.17 mbpd of petroleum products for the month, a 7.9% increase year on year. Refineries operated at 78.5% of capacity for the month, down 6.6 percentage points from last year, whilst crude stocks fell 35.6% to ... [more]

NEGOTIATION STALEMATE MAY SEND TENGIZ FROM CEYHAN TO BATUMI 18-12-2009
Chevron-led consortium, Tengizchevroil (TCO), has yet to reach a deal on shipping Tengiz crude through the Baku-Tbilisi-Ceyhan pipeline in 2010, leading to speculation that the grade may be diverted to Batumi, Georgia from next month, Argus reports. Planned exports of Tengiz from Batumi for January are up to an average of 107 kbpd, an increase of 50.2 kbpd from December’s shipments. Meanwhile, ... [more]

REPORTS OF IRANIAN INCURSION OF IRAQI BORDER 18-12-2009
Reports came in this afternoon of the capture by Iranian soldiers of an oil well in the southern-Iraqi Fakkah oil field. The incident has sparked a wealth of speculation as to actual events in the area, but precise details remain unclear. ... [more]

GLOBAL OIL SUPPLY OUTSTRIPPING DEMAND AT PACE 17-12-2009
November’s inventory data reveals that the gap between global oil supply and demand continues to widen, Energy Intelligence reports. Global demand was down 50 kbpd month on month to 84.84 mbpd, whilst supply rose 860 kbpd for the month to reach 86.94 mbpd. Worldwide stocks reached 5.26 bbbl a rise of 36 mbbl from October. Whilst global demand was up by 930 kbpd year on year, supply and stocks ... [more]

WORLD HRB EXPORT PRICE STARTS TO REBOUND 16-12-2009
According to the latest SteelBenchmarker issued by World Steel Dynamics, the world export price for HRB steel has risen to a 3-month high of $519/t in early December, compared with the year-to-date high of $546/t set in August. The HRB price in the US and the EU rose by $22/t (+4%) and $6/t (+1%) from end-November to $575/t and $577/t, respectively. Meanwhile, China’s HRB price rose by $20/t ... [more]

US DISTILLATE AND CRUDE STOCKS FALL 16-12-2009
US distillate stocks fell 2.9 mbbl last week to 164.4 mbbl as demand jumped 472 kb/d to 3.79 mb/d, according to the latest data from the US Department of Energy. Imports were up 44 kb/d at 229 kb/d. Gasoline inventories were up 0.9 mbbl at 217.2 mbbl, the highest since April, as imports rose 217 kb/d to 967 kb/d. Crude stocks were down 3.7 mbbl at 332.4 mbbl, the lowest since January but still 3% ... [more]

CHINA ADJUSTS IMPORT DUTIES 16-12-2009
China has raised the import tariff for fuel oil to 3% next year and jet fuel to 6%, both up from 1%, in a move set to curb imports and rising costs for airlines, reports Reuters. Imports into China are forecast to fall in January and February after some buyers rushed to bring in cargpes this month ahead of the tax hike. ... [more]

BRAZIL’S IRON ORE EXPORTS IN NOVEMBER 15-12-2009
According to the Brazilian Ministry of Foreign Trade, Brazilian iron ore exports fell for the third consecutive month in November, down by 3.71 Mt (-14%) month-on-month to 21.91 Mt, although the shipments show a year-on-year increase of 4.0 Mt (+22%). Year-to-date exports now total 241.85 Mt, down by 10% from 267.93 Mt in the same period last year. China accounted for the majority of ... [more]

OPEC 2010 WORLD OIL DEMAND FORECAST REVISED UP 15-12-2009
The latest OPEC forecast suggests 2010 will see world oil demand reach 85.13 mbpd, an increase of 800 kbpd, and an upward revision of 70 kbpd from the organisation’s November estimate. This is coupled with a cautiously optimistic forecast of 2.9% growth in the world economy for the year. Demand for crude from OPEC countries for 2010 is anticipated at an average of 28.6 mbpd, up a modest 30 kbpd ... [more]

CHINA’S CRUDE STEEL PRODUCTION 14-12-2009
Boosted by the government’s economic stimulus package, crude steel output in China will hit a record high in 2009. According to the latest figures released by the National Bureau of Statistics, China produced 47.26 Mt of crude steel in November, up by 37.4% year-on-year. This takes the total for the first eleven months of 2009 to 518.18 Mt, up by 12.1% from the same period last year, and ... [more]

LONG-HAUL DEMAND FOR BTC BLEND WEAKENS IN 2H09 14-12-2009
The second half of 2009 has seen a marked reduction in shipments of BTC (Baku-Tbilisi-Ceyhan) Blend to Asia-Pacific and transatlantic destinations compared to the first six months of the year, Argus reports. Exports to these destinations fell by a total of 21.3% to an average of 320 kbpd. Asia-Pacific buyers were put off purchasing BTC blend by higher freight rates and more competitively priced ... [more]

CHINA’S IRON ORE IMPORTS 11-12-2009
China imported 51.1 Mt of iron ore in November, preliminary customs data indicate. Year-to-date shipments now total 566.1 Mt, up 38% year-on-year. Although November’s import total represents a slowing from the 2q-3q monthly average pace of 56.3 Mt, this has not resulted in a reduction in seaborne iron ore trade. Exported volumes from Australia and Brazil have remained high, with a greater share ... [more]

IEA REVISES UP DEMAND FORECAST FOR 2010 11-12-2009
In its latest report, the IEA left its forecast for global oil demand relatively unchanged for 2009 at 84.9 mb/d but has revised the forecast for 2010 up by 130 kb/d to 86.3 mb/d (-1.4 mb/d and +1.5 mb/d respectively). Global supply rose by 200 kb/d in November, as OPEC output increased by 135 kb/d to 29.1 mb/d, its highest level in a year. The call on OPEC for 2010 has been raised by 0.5 mb/d to ... [more]

CHINA’S CRUDE IMPORTS FALL IN NOVEMBER 11-12-2009
China’s crude imports fell 8.5% month-on-month in November to 4.19 mb/d, but remained 28.1% higher on the year, according to the latest data from China Customs. Year to date volumes now stand 11% higher than the previous year at an average 4 mb/d. Product imports were up 3.2% on the month at 582 kb/d, taking levels 23.3% higher on the year. Jan-Nov figures are now 3.8% lower than last year at an ... [more]

ONE HUNDRED CAPESIZE NEWBUILDINGS DELIVERED IN 2009 10-12-2009
Some 101 Capesize newbuildings, equating to 19.1 Mdwt were delivered in the first eleven months of this year, data from SSY show. Taking the arrival of 31 converted tankers and 15 scrapped vessels into account, net fleet growth in the Capesize sector for the year is currently 23.7 Mdwt or 16%.Over the same period the Panamax fleet has seen net expansion of 3.9 Mdwt (or 3%); the Handymax ... [more]

JAPANESE MONTHLY CRUDE IMPORTS UP, BUT STILL WELL DOWN YEAR ON YEAR 10-12-2009
Latest data reveals that Japanese crude imports for the month of October were up 10% to an average of 3.6 mbpd from September’s figure of 3.28 mbpd. Nevertheless, October’s figures still represent a significant decrease (6.1%) from average imports for the same period last year of 3.84 mbpd. Despite an increase in monthly crude imports, refineries continue to run at relatively low levels, with the ... [more]

AUSTRALIAN IRON ORE EXPORTS 09-12-2009
Exports of Australian iron ore reached 32.6 Mt in October, up marginally from the previous month and just short of August’s monthly record of 33.2 Mt, trade data show. As a result January-October exports total 298.3 Mt, up 12% year-on-year.As expected, China accounted for the majority of October’s shipments from Australia, but significantly exports to Japan are the highest since July 2007 ... [more]

US WEEKLY DATA: CRUDE STOCKS & IMPORTS DOWN; REFINERY ACTIVITY, GASOLINE & DISTILLATE STOCKS UP 09-12-2009
According to the latest data from the US Department of Energy, crude oil imports for the week ending 4 December rose by 264 kbpd week on week to reach an average of 8.14 mbpd. Crude stocks decreased from 339.9 mbbl to 336.1 mbbl in the same period, a drop of 1.1%. The week saw a slight pick up in refinery activity, with runs averaging 13.9 mbpd, an increase of 77 kbpd from last week. Refineries ... [more]

RICHARDS BAY EXPORTS RUNNING AT 2008 PACE 08-12-2009
Coal exports from Richards Bay were 5.64 Mt in November, down 1.1 Mt on the previous month, according to port data. This takes the total for the first eleven months of 2009 to 55.6 Mt, marginally lower than exports during the same period in 2008. Last year throughput at the South African port totalled 61.8 Mt, well short of the recent annual high of 69.2 Mt recorded in 2005. ... [more]

CPC BLEND MAY HEAD ELSEWHERE AS TENGIZ CORNERS MEDITERRANEAN MARKET 08-12-2009
Tengiz crude has seen increased loadings at Black Sea ports after a rise in demand from the Mediterranean market, leading to speculation that this may displace CPC blend, of which it is the main component, begins to head transatlantic or to Asia-Pacific, Argus reports. Tenzigchevroil (TCO) has begun to achieve its aim of loading around 120 kbpd from Black Sea ports after emerging from a ... [more]

PORT CONGESTION ABSORBS MORE THAN 130 CAPESIZES 07-12-2009
The number of Capesizes waiting to berth at coal and iron ore load ports in Australia in addition to iron ore ports in Brazil and China has risen this week to 134, the highest since late July, according to information from local sources. There are an estimated 48 Capesizes waiting to discharge at Chinese iron ore ports and 32 Capes waiting to load at Brazil’s iron ore terminals.. ... [more]

OPEC PRODUCTION ON THE RISE AS LUANDA MEET APPROACHES 07-12-2009
As Opec members prepare to meet in the Angolan capital, Luanda, on 22 December, latest data reveals that production by the organisation’s members, excluding Iraq, rose in November, Argus reports. Opec 11 production totalled 26.69 mbpd last month, up 200 kbpd from October’s revised figure. Most of the rise comes from Saudi Arabia (8.25 mbpd, up from 8.2 mbpd), optimistic about the future global ... [more]

RUSSIAN REFINERY RUNS DOWN 04-12-2009
Maintenance and a difficulty in securing tank cars to deliver crude to the country’s far eastern refineries as a result of congestion at the region’s ports led to a cut in Russian refinery runs for October. Inputs totalled 18.9 mt, an average of 4.4 mbpd, a 5.3% drop month on month. Refineries at Komsomolsk (Rosneft), Kirishi (Surgutneftegaz), and Saratov (TNK-BP) all saw significant or total ... [more]

DECEMBER DECLINE IN NORTH SEA LOADINGS 03-12-2009
Schedules for December point towards a slight overall decline in North Sea crude oil production, reports Energy Intelligence. This month, volumes are set to fall 23 kbpd to an of average 2.058 mbpd from 2.081 mbpd in November. Norway’s loss of 57 kbpd is the main reason behind the overall decline, but is offset to a large extent by a 33 kbpd gain for the UK. In the prompt spot market, the ... [more]

JAPAN’S IRON ORE IMPORTS 02-12-2009
Japanese iron ore imports reached the highest level for twelve months in October, according to government data cited by the Tex Report. October imports were 11.2 Mt, marking the seventh consecutive month-on-month increase since the 2009-low of 5.9 Mt in March. Year-to-date imports are now 83.5 Mt compared with 118.6 Mt over the same period last year. ... [more]

US SOYA EXPORT SEASON 01-12-2009
Latest data from the US Department of Agriculture show that at one point in November weekly shipments of soyabeans were running more than double the normal pace. In the week beginning 19 November some 2.43 Mt of soyabeans were shipped from US ports compared with a weekly average from the last five years of around 1.0 Mt. Despite the surge, the USDA forecasts soyabean exports of 36.1 Mt in 2009/10 ... [more]

DECEMBER LOADING SCHEDULE HERALDS RISE IN RUSSIAN CRUDE EXPORTS 01-12-2009
December will see a rise in exports by sea of Russian crude according to the loading schedule for the month, Energy Intelligence reports. Scheduled exports for December total 2.77 mbpd, up 86 kbpd from November’s 2.69 mbpd programme. The overall rise can be attributed to larger volumes due to ship from Baltic Sea ports. Primorsk will see exports rise by 48 kbpd to 1.49 mbpd – a return to normal ... [more]

PORT CONGESTION EASES 30-11-2009
The number of Capesizes waiting to berth at iron ore ports in Australia, Brazil and China as well as Australia’s coal ports decreased from 128 in mid-November (close to the Capesize market peak) to 111 this week, according to local sources. Some 42 Capesizes are currently queueing off China’s iron ore discharge terminals, compared with 46 in mid-November. ... [more]

IRAQI NORTHERN PIPELINE RESUMES FULL CRUDE EXPORTS 30-11-2009
After an insurgent attack halted the flow of crude oil through Iraq’s northern pipeline to Turkey last week, today saw full exports through the line resume, Reuters reports. The line, which runs from Kirkuk to the Turkish port of Ceyhan and typically transports a quarter of all Iraqi oil exports at an average of 500 kbpd, was running on Monday at a volume of about 640 kbpd, according to sources ... [more]

VLCC HIJACKED OFF SOMALIA 30-11-2009
, Somali pirates have hijacked the Greek-owned VLCC, Maran Centaurus. The vessel, capable of carrying 2mbbl of oil, was seized in the Somali Basin, around 600 nautical miles north-east of the Seychelles. The capture represents the second time a tanker of this size has been taken by Somali pirates, following the hijacking of the Sirius Star and its 2 mbbl of oil in November 2008. According to ... [more]

FRESH INFRASTRUCTURE TO BOOST IRAQI CRUDE EXPORT CAPACITY 27-11-2009
Four new floating oil terminals and three new undersea oil pipelines will send Iraqi export capacity rocketing from today’s 1.9 mbpd to 8 mbpd in the second half of 2011, Reuters reports. The plans follow the country’s recent deals with a number of oil majors that it hopes will send it to third on the global oil production list, from its current position of eleventh. BP and CNPC recently ... [more]

WORLD WHEAT TRADE 27-11-2009
The International Grains Council predicts that global wheat trade will total 117.7 Mt in the 2009/10 trade year (July-June). Although this forecast has been revised up by 2.1 Mt from last month, it falls well short of the 2008/09 trade estimate of 135.7 Mt. The IGC anticipates that shipments from Argentina will be sharply reduced, forecasting exports of 2.4 Mt in the current trade year compared ... [more]

SHANGHAI COMPOSITE INDEX DOWN 3% 26-11-2009
The Shanghai Composite Index fell more than 3% today, closing at 3,170.98 points. This follows a volatile two days of trading this week, which saw the index lose 3.5% on Tuesday before regaining 2% on Wednesday. According to Reuters, some market commentators have attributed today’s fall to investors’ concerns that China’s government may introduce steps to tackle rising asset prices. ... [more]

SOUTH KOREAN CRUDE IMPORTS RISE YEAR-ON-YEAR 26-11-2009
October saw South Korean imports of crude oil rise to an average of 2.43 mbpd, an increase of 6.4% (145 kbpd) y-o-y, reports Energy Intel. Imports from Saudi Arabia, the country’s primary source of crude, rose from 687 kbpd in October 2008 to 796 kbpd for the same period this year, a 15.9% increase. This particular rise can be put down to an increase in purchasing by S-Oil, which is part-owned by ... [more]

US CRUDE AND GASOLINE STOCKS RISE 25-11-2009
US crude stocks rose 1 mbbl last week to 337.8 mbbl, 5.3% higher y-o-y, following a 371 kb/d rise in imports to 8.95 mb/d, according to the latest data from the US Department of Energy. Gasoline stocks were also up 1 mbbl at 210.1 mbbl, with a 344 kb/d increase in imports to 928 kb/d exceeding a 77 kb/d rise in demand. Distillate inventories were down 0.5 mbbl at 166.9 mbbl, but remained 32% ... [more]

CHINESE STEEL PRICES 25-11-2009
The price of Chinese hot-rolled band has maintained its recent rise, according to figures released in World Steel Dynamics’ SteelBenchmarker today. The HRB price in China now stands at $453/t compared with $407/t recorded six weeks ago. Despite the latest upward push, the HRB price is still below the year-to-date high of $508/t. ... [more]

US ECONOMY GREW BY 2.8% IN THE 3Q09 24-11-2009
The US Commerce Department has revised down its estimate of GDP growth in the 3q09 to 2.8% compared with 3.5% from the initial forecast earlier this month, according to official figures. However, it remains the first expansion for the US economy after four straight quarters of contraction, reflecting a smaller gain in consumer spending and a bigger trade deficit. ... [more]

ATTACKS ON KIRKUK PIPELINE THREATEN IRAQI OIL EXPORTS 24-11-2009
The Kirkuk pipeline that typically transports 500 kbpd of oil from northern Iraq to Ceyhan in Turkey has been out of action since November 21 after it was damaged by a bomb attack in Salahuddin province, Reuters reports. It is anticipated that it will be a further four days before the line is rendered operational again. There has been no loading of Kirkuk at Ceyhan on Tuesday. The latest attack ... [more]

PORT CONGESTION REMAINS HIGH 23-11-2009
The Capesize Iron Ore Port Congestion Index for China has doubled in the last month to 7.3 days, with 46 Capesizes waiting to discharge at the country’s ore ports, according to local sources. Meanwhile, the SSY Australian Coal Port Congestion Index has surged above 14 days for the first time since May 2008. ... [more]

LITTLE CHANGE IN FSU EXPORTS 23-11-2009
Overall crude exports from the FSU were unchanged in October compared to September, Argus reports. A fall in exports through the Transneft pipeline system, as well as from the Varandey terminal was countered by an increase in Caspian shipments and loadings at Baltic ports, leaving October’s total exports averaging 6.73 mbpd. The latest figures represent a rise of 781 kbpd (13%) year-on-year, an ... [more]

WORLD CRUDE STEEL PRODUCTION RISES TO A 14-MONTH HIGH 20-11-2009
According to data from the World Steel Association, October world crude steel production hit a 14-month high of 112.2 Mt, posting a 13% increase year-on-year. This is the second month in a row when global steel output represented a year-on-year increase. The majority of this increase was due to China and the CIS, which registered growth of 42.4% and 26.9% year-on-year with monthly production at ... [more]

ANGOLAN JANUARY LOADING PROGRAMME SEES OIL EXPORTS RISE SLIGHTLY 20-11-2009
Angola is set to export around 1.83 mbpd of crude oil during January, a rise of 20 kbpd from the 1.81mbpd scheduled to be loaded in December, Reuters reports. January’s programme will again see Angola exceed its OPEC set export targets of 1.52 mbpd, but not the 2009 record of 1.93 mbpd exported during October. The country is due to host an OPEC meeting on December 22 in its capital, Luanda. ... [more]

ESPO BLEND SET FOR FIRST LOADING 20-11-2009
Rosneft has tendered the first cargo of ESPO blend, Argus reports. The Kozmino export terminal, situated at the end of the East Siberia-Pacific Ocean (ESPO) pipeline, will be the location for the cargo’s loading, which is scheduled to take place on 27-29 December. ... [more]

JAPAN’S STEEL OUTPUT HITS AN 11-MONTH HIGH 19-11-2009
Japan’s steel production rose by 6% from September to 8.79 Mt in October, according to the Japan Iron and Steel Federation, the highest level since November 2008. However, this still brings output down for the first ten months of the year by 32% from the same period last year to 69.72 Mt. ... [more]

CHINA’S OIL DEMAND RISES 19-11-2009
China’s apparent oil demand rose 10.2% y-o-y in October to 33.89Mt, or 8 mb/d, due to higher crude processing rates, reports Platts. This was the second consecutive month Chinese oil demand has seen double-digit y-o-y growth after a 12.6% rise in September. Chinese refiners processed a record 33.29Mt, or 7.8 mb/d, of crude during the month. ... [more]

CHINA’S COAL IMPORTS IN OCTOBER REMAIN AT A HIGH LEVEL 18-11-2009
October saw China’s coal imports stand above 11 Mt for the fifth straight month, posting a massive 7.65 Mt increase year-on-year, compared with a record monthly volume of 16 Mt set in June. The annualised rate from the first ten months puts imports on course to reach 117 Mt this year (+76 Mt year-on-year). ... [more]

DECREASES IN US CRUDE IMPORTS, REFINING ACTIVITY AND INVENTORIES 18-11-2009
US crude oil imports fell by 77 kb/d last week to reach an average of 8.6 mb/d, the latest figures from the US Department of Energy reveal. Crude inventories also decreased from the previous week, down by 0.9 Mb/d (0.3%) to 336.8 mbbl, representing a year-on-year fall of 20.6 mbbl (6.5%). Refinery runs for the week fell once again, this time by an average of 31 kb/d to leave total inputs ... [more]

REFINERS IN DEVELOPED NATIONS FACE UNCERTAIN FUTURE 17-11-2009
Independent refiners in Europe are being forced to closeplants and cut throughputs in the face of continued weak demand, Argusreports. In Europe, Petroplus, the region’s largest independentrefiner, processed 525 kb/d of throughputs, despite having thecapacity for 865 kb/d. Refining margins for the period were weakdespite 20% run cuts, and, as a result, Petroplus will keep ... [more]

US COAL EXPORTS IN SEPTEMBER CONTINUE TO RISE 17-11-2009
US coal exports (including anthracite coal, excluding shipments to Canada) rose by 0.6 Mt month-on-month to 4.2 Mt in September, the second highest monthly volume in 2009. However, September’s exports still represent a decline of 26% from the same month last year. There was mixed activity in US coal exports during September. Coking coal exports dropped to 3 Mt compared with the ... [more]

EASTBOUND WEST AFRICAN CRUDE EXPORTS SET FOR NOVEMBER RISE 16-11-2009
After witnessing a decrease in October, West African crude exports to Asia-Pacific are scheduled to rebound as a result of greater Chinese and Indian demand, Argus reports. Chinese imports from the region fell last month in response to a build-up in crude and products stocks, but the introduction of new refinery capacity and wider refining margins have reinvigorated demand for November. ... [more]

INDIAN IRON ORE SPOT PRICE CONTINUES TO RISE 16-11-2009
The FOB price of Indian iron ore of 63.5% Fe content now stands at $86/t, up by $13 on the month-ago level, according to data from U-Metal. This takes the delivered price into China to a 3-month high of $104/t, just short of the year-to-date high reached in August. Meanwhile, iron ore stockpiles at China’s discharge ports fell for the fourth consecutive week to 66.20 Mt, posting the ... [more]

CHINA’S CRUDE STEEL OUTPUT STANDS ABOVE 50 MT FOR THE FOURTH STRAIGHT MONTH 13-11-2009
China’s crude steel production in October rose by 42.4% year-on-year to 51.75 Mt, according to the National Bureau of Statistics. This brings output for the first ten months of the year up by 10.5% from the same period last year to 472.47 Mt. The annualised rate from the first ten months would put China’s crude steel production in 2009 at 567 Mt (+69 Mt YoY), another new record. ... [more]

CHINA SUPPORTS ASIAN CRUDE IMPORT MARKET 13-11-2009
China became the largest crude importer in Asia for the first time during the first nine months of 2009, due to a huge decline in Japanese demand, reports Energy Intelligence. S. Korean demand also declined slightly, but overall imports by Asia’s 4 biggest importers fell just 1.7% to 12.6 mb/d, supported by the rise in demand from new refineries in China and India. China’s imports jumped 8.6% ... [more]

WORLD STEEL PRICE FALLS TO A 5-MONTH LOW 12-11-2009
The world export price for hot rolled band fell for the third consecutive month, down by $7/t from two weeks earlier to a 5-month low of $496/t, according to World Steel Dynamics’ SteelBenchmarker. US and EU HRB prices are both down from two weeks ago to stand at 3-month lows of $570/t and $577/t respectively. In contrast, Chinese HRB prices rose for the second straight month to the current ... [more]

US CRUDE IMPORTS RISE, BUT REFINERY ACTIVITY CONTINUES TO SLOW 12-11-2009
US crude oil imports rose by 530 kb/d last week to reach an average of8.7 mb/d, according to the latest data from the US Department ofEnergy. Imports in the last four weeks average 8.6 mb/d, a drop of 1.5mb/d (14.6%) compared to the same period last year. Nevertheless, thisweek’s increase in imports has bolstered the country’s crude stocks to337.7 mbbl, an increase of 1.8 mbbl ... [more]

IEA REVISES GLOBAL OIL DEMAND FORECAST 12-11-2009
The IEA have revised their global oil demand forecastsupwards as a result of last month’s US economic data and a healthylevel of demand in non-OECD Asia/Middle-East countries. The Agency nowanticipates global demand of an average of 84.8 mb/d in 2009 (-1.5mb/d y-o-y) and of 86.2 mb/d in 2010 (+1.3 mb/d versus 2009). ... [more]

CHINA’S IRON ORE IMPORTS 11-11-2009
Preliminary customs data for October show that 45.47 Mt of iron ore were imported into China during the month. Although this is substantially lower than the September total of 64.55 Mt, October’s volumes will have been impacted by the national holiday at the start of the month (which may also have boosted end-September shipments).Despite the month-on-month decline, October’s imports still ... [more]

CHINESE CRUDE IMPORTS AND REFINERY RUNS SURGE. 11-11-2009
October saw China’s imports of crude oil reach their second-highest level of all-time, whilst refinery activity rose to record levels, Dow Jones reports. The continuation of the country’s economic recovery ensured that crude imports totalled 19.34 Mt, or 4.57 Mb/d. This represented a rise of 8.8% from September’s 17.2 Mt total. Similarly, China’s economic expansion of 8.9% in 3q09 contributed ... [more]

NO SCRAPPING ACTIVITY IN THE CAPESIZE MARKET SINCE JUNE 10-11-2009
According to SSY estimates, total newbuilding deliveries of dry bulk carriers in the first ten months of 2009 stand at 34.46 Mdwt. That compares with the total for the whole of 2008 of 23.88 Mdwt. Due to stronger charter markets, deletions of Capesize vessels have been reduced to zero over the past four months versus the peak of five vessels in February. ... [more]

IEA OIL DEMAND FORECAST REVISED 10-11-2009
The suppressive effect of the economic crisis on oil consumption in developed economies, as well as an increasing legislative emphasis on alternative energy, has led the IEA to cut its long-term forecast for oil demand, Bloomberg reports. After last year estimating global oil demand of 106 mb/d for 2030, the agency now anticipates that demand will reach 105 mb/d, a 1% y-o-y increase from 2008’s ... [more]

CONGESTION IN PACIFIC BASIN RISES 09-11-2009
The SSY Australian Coal Port Congestion Index has climbed above 13 days once again, as vessel queues lengthen at coal load terminals on the east coast of Australia. Meanwhile, port congestion at China’s iron ore terminals still appears to be on the increase, with an estimated 43 Capesizes now waiting to berth compared with 22 three weeks ago. According to SSY’s Capesize Iron Ore Port ... [more]

STORM IDA PROMPTS PRODUCTION SHUTS AND PRICE RISES 09-11-2009
Despite being downgraded from a hurricane to a tropical storm, Ida nevertheless sent oil prices upwards as oil companies shut production and evacuated personnel, Reuters reports. As Hurricane Ida approached, Murphy Oil shut both Thunder Hawk and Medusa platforms; both BP and Chevron reported the shutting of an unspecified amount of production and the evacuation of some personnel; Marathon Oil ... [more]

AUSTRALIA’S COKING COAL EXPORTS IN SEPTEMBER HIT AN ALL-TIME HIGH 06-11-2009
Australia’s coking coal exports rose for the seventh straight month in September, up by 11% month-on-month to an all-time high of 13.9 Mt compared to the previous record of 13.45 Mt set in June 2008. This is the fifth consecutive month showing the monthly volume above 10 Mt due to strong demand from Japan and China. ... [more]

JAPANESE CRUDE IMPORTS FALL. 06-11-2009
A fall of 18.7% year-on-year saw Japanese crude imports fall to an average of 3.28 Mb/d in September, reports Energy Intel. The decision of refiners to cut runs in response to weak product demand has led to a 15.2% decrease for the year so far, leaving daily imports averaging 3.6 Mbbl. Refiners were running at less than 70% of capacity in October, mirroring the drop in US refining activity for ... [more]

06-11-2009
Australia’s coking coal exports rose for the seventh straight month in September, up by 11% month-on-month to an all-time high of 13.9 Mt compared to the previous record of 13.45 Mt set in June 2008. This is the fifth consecutive month showing the monthly volume above 10 Mt due to strong demand from Japan and China. ... [more]

JAPAN’S ORE IMPORTS RISE TO A YEAR-TO-DATE HIGH 05-11-2009
According to the latest data from Japan’s Ministry of Finance, Japan’s iron ore imports in September surged above 10 Mt for the first time over the past nine months, up by 12% year-on-year to 10.82 Mt. However, imports in the first nine months were still down by 31% from the same period last year to 72.4 Mt. Meanwhile, Japan’s coal imports (including anthracite) fell for ... [more]

EU ECONOMY FORECAST TO SHOW GRADUAL RECOVERY 04-11-2009
The European Commission’s autumn forecast for EU economic growth projects a 4% fall in 2009, which is unchanged from its spring forecast. The commission now projects that the EU economy in 2010 will grow by 0.75% followed by 1.5% expansion in 2011. This compares with the previous forecast in May of a 0.1% contraction for 2010. ... [more]

US CRUDE, GASOLINE AND DISTILLATE STOCKS ALL DOWN. 04-11-2009
US crude stocks decreased 4 mbbl last week to 335.9 mbbl as imports fell 764 kb/d to 8.1 mb/d, according to the latest data from the US Department of Energy. Gasoline inventories were down 0.3 mbbl to 208.3 mbbl as imports rose 321 kb/d to 1.1 mb/d and demand rose 157 kb/d to 9.02 mb/d. Distillate stocks fell 0.4 mbbl to 167.4 mbbl as demand fell 67 kb/d to 3.57 mb/d and imports rose 13 kb/d to ... [more]

WORK BEGINS ON MYANMAR PIPELINE. 04-11-2009
China National Petroleum Corp (CNPC) has commenced construction of a pipeline across Myanmar, Associated Press reports. The 771k mile pipeline will connect Maday Island in western Myanmar, with Ruili in Southwest China, reducing the country’s reliance on the Malacca Strait for receiving its crude imports. The new pipeline will reduce the current maritime delivery route by 1,200km, giving China ... [more]

NOVEMBER SEES DROP IN RUSSIAN LOADING SCHEDULES 03-11-2009
Transneft, Russia’s national pipeline operator, has scheduled crude exports of 2.68 mnb/d for November, 76 kb/d less than planned for October, Energy Intelligence reports. Whilst the Black Sea port of Novorossiysk is set to export 939 kb/d this month (143 kb/d more than in October), this rise is cancelled out by a month-on-month decrease of exactly the same amount at Primorsk (1.44 mnb/d in ... [more]

SPOT IRON ORE PRICE RISES TO A 10-WEEK HIGH 02-11-2009
According to data from U-Metal, the FOB price of Indian iron ore of 63.5% Fe content rose for the second consecutive month, standing at $76/t at the end of October. Delivered prices into China have climbed from $81/t in mid-September to the current level of $94/t. Meanwhile, iron ore stockpiles at China’s discharge ports have fallen to a 6-month low of 67.62 Mt, 6.7 Mt lower than the ... [more]

ULTRA-DEEP WATERS TO BOOST ANGOLAN CRUDE OUTPUT 02-11-2009
BP’s $10bn development of the Plutao, Saturno, Venus and Marte fields within its Angolan ultra-deep block 31 will launch in 2011, reaching peak production of 150 kb/d in 2012, reports Argus. The PSVM development will be the first of 3-4 150k b/d developments that, in combination with similar future projects from other firms, could help raise Angolan output capacity from its current 2 mnb/d to as ... [more]

IRAQ SIGNS DEAL TO DEVELOP ZUBAIR OILFIELD 02-11-2009
Iraq’s Oil Ministry has signed its second major new contract with an international oil firm since the 2003 invasion, Reuters reports. A consortium led by Eni, aims to increase production in the Zubair field to 1.13 mnb/d by 2016, from 195 kb/d now. The deal follows BP and CNPC’s agreement to develop the 17 bnbbl Rumaila field that currently accounts for about half of the country’s crude output. ... [more]

LATEST GRAIN TRADE FORECASTS FROM THE IGC 30-10-2009
Due to large purchases from Near East Asia, the International Grain Council (IGC) has lifted its forecast for world grain trade in the 2009/10 marketing year by 2 Mt from last month’s forecast to 226 Mt, compared with 247 Mt in 2008/09. The IGC expects wheat exports from the five major exporters to reach 75.9 Mt in the 2009/10 trade year, 1.5 Mt higher than the previous month’s forecast, however, ... [more]

MEXICAN CRUDE PRODUCTION AND EXPORTS RISE 30-10-2009
After August’s decline, September saw Mexico’s crude output rise by 57 kb/d to average 2.60 mb/d for the month, reports Energy Intelligence. Similarly, exports for September rose 27k b/d to reach 1.13 mb/d. Elsewhere in the region, BHP, Repsol and Hess have made two oil discoveries in the Shenzi field, 120 miles off the coast of Louisiana, reports Bloomberg. The news has increased optimism in the ... [more]

FIRST KOZMINO CRUDE SHIPMENTS SET FOR DECEMBER 30-10-2009
22 October saw the port of Kozmino, on Russia’s Pacific coast, receive - by rail - its first crude cargo, Argus reports. The first tanker cargo is due to leave the port towards the end of December from its double-sided berth, which can accommodate tankers up to 150 kdwt. Until the ESPO pipeline, of which Kozmino constitutes the end point, comes fully on stream in 2014, the port will be supplied ... [more]

WORLD HRB STEEL PRICE FALLS TO A 4-MONTH LOW 29-10-2009
According to World Steel Dynamics’ SteelBenchmarker, the world export price for hot rolled band has slipped by $42/t month-on-month to $503/t, representing the lowest level since June. US and EU HRB prices are both down from their year-to-date highs in September to stand at $592/t and $588/t respectively. In contrast, Chinese HRB prices have increased from $415/t last month to the current ... [more]

LITTLE OVERALL CHANGE IN NORTH SEA LOADING SCHEDULES FOR NOVEMBER. 29-10-2009
Despite varied schedules for individual systems within the Norwegian and UK North Sea sectors, the total scheduled volumes for November suggest a drop of only 17k b/d m-o-m, or 0.78%, to 2.081m b/d. Energy Intelligence reports. In line with traditional levels of respective optimism, the Norwegian sector anticipates an overall gain of 33k b/d, whilst the UK schedules a fall of 49k b/d. Temporary ... [more]

CHINA’S IRON ORE IMPORTS BY SOURCE IN SEPTEMBER 28-10-2009
China imported a total of 25.98 Mt of iron ore from Australia in September, up by 18% month-on-month and 34% year-on-year, with Australia’s share of China’s imports more than 40%. Imports from Brazil rose by 70% year-on-year to an all-time high of 16.71 Mt, accounting for 26% of total imports as the second largest supplier inSeptember. Shipments from India were 8.42 Mt, posting a ... [more]

US CRUDE AND GASOLINE STOCKS ROSE, DISTILLATE FALL 28-10-2009
US crude stocks grew 0.8m bbl last week to 339.9m bbl as imports increased 191k b/d to 8.9m b/d, according to the latest data from the US Department of Energy. Gasoline inventories were up 1.7m bbl at 208.6m bbl as imports rose 107k b/d to 756k b/d and demand fell 92k b/d to 8.86m b/d. Distillate stocks fell 2.1m bbl to 167.8m bbl as demand rose 150k b/d to 3.6m b/d and imports rose 64k b/d to ... [more]

SOUTH KOREA’S ECONOMY POSTS QUARTERLY GROWTH AT 7-YEAR HIGH 27-10-2009
South Korea’s GDP rose by 2.9% quarter-on-quarter in the 3q09, the fastest pace since 1q02 and up from 0.6% compared with the same period last year after three consecutive quarters of negative year-on-year growth. ... [more]

INDIA’S CRUDE OUTPUT FALLS IN SEPTEMBER 27-10-2009
India’s crude output fell 0.5% y-o-y in September to 2.77Mt, or 677k b/d, for the ninth monthly decline in 10, reports Bloomberg. The fall was led by lower output from Oil & Natural Gas Corp, the country’s largest explorer. Production from non-state explorers rose 7.9% to 425kt, or 104k b/d. India’s refiners increased crude processing by 3.4% y-o-y in September to 13.5Mt, the second monthly rise, ... [more]

FSU PRODUCT EXPORTS RISE IN 3Q09 26-10-2009
FSU product exports rose 450k b/d in the 3Q09 y-o-y to over 2.9m b/d, mainly due to higher shipments of middle distillates, particularly to the EU, and strong Asia-Pacific fuel oil demand, reports Argus. Gasoil exports have been increasing from Primorsk and Ventspils due to new infrastructure and refinery upgrades. Volumes of 10ppm diesel from Primorsk were 115k b/d in September, up from under ... [more]

CHINESE WIRE ROD PRICES RISE TO A 5-WEEK HIGH 26-10-2009
There are tentative signs of improved end-user demand for steel in China, with some prices showing upward movement after two months of decline. According to World Steel Dynamics, Chinese wire rod FOB prices have increased by $20/t (+4%) from their recent 6-month low of $479/t set in early October to the current level of $499/t, the highest level over the past five weeks. ... [more]

MODEST MONTHLY INCREASE IN GLOBAL STEEL PRODUCTION 23-10-2009
World steel production in September reached 107.0 Mt, a gain of just 0.5 Mt on August, according to Worldsteel. The data show virtually flat growth year-on-year, although September 2008 was one of the first months to experience output cuts due to the sudden worsening economic conditions. Furthermore, there remains a sharp contrast between trends in China, where output was up 27% YoY to 50.7 Mt, ... [more]

FSU CRUDE EXPORTS RISE 23-10-2009
FSU crude exports to non-CIS destinations rose 7.7% y-o-y to 6.61m b/d in Jan-Sept 2009, reports Argus. The rise came as Caspian crude loadings increased, as did exports of Russian crude from the Barents Sea port of Varandey. Overall, exports were up 2.7% month-on-month in September at 6.69m b/d. CPC shipments were up 3.9% on the month at 738k b/d, 11.9% higher on the year. BTC exports were down ... [more]

CHINA PROCESSES RECORD VOLUMES OF CRUDE 22-10-2009
China processed a record volume of crude oil at 32.83Mt, or around 8m b/d, in September (2.2% higher than the previous high) to power accelerating economic growth and feed a rapidly expanding car fleet, reports Dow Jones. The record runs came after a 240k b/d plant was brought online in August and the government raised gasoline and diesel prices by 4-5% in September. Runs are expected to stay ... [more]

US CRUDE STOCKS RISE, GASOLINE AND DISTILLATE FALL 21-10-2009
US crude stocks rose 1.3m bbl last week to 339.1m bbl, but remained 8.9% higher y-o-y, with imports dipping 32k b/d to 8.7m b/d, according to the latest data from the US Department of Energy. Gasoline inventories dropped 2.3m bbl to 206.9m bbl as imports fell 41k b/d to 649k b/d and demand declined 306k b/d to 8.95m b/d. Distillate stocks were down 0.8m bbl to 169.9m bbl as imports fell 44k b/d ... [more]

COAL IMPORTS IN CHINA REMAIN HIGH 20-10-2009
High volumes of coal imports into China were maintained in September, when 12.55 Mt were imported compared with 3.7 Mt in the same month last year, according to China’s Customs Statistics. September’s total was just 3.52 Mt below June’s record monthly total of 16.07 Mt. China’s coal imports have boomed in 2009, year-to-date imports of 86.46 Mt have already far exceeded the ... [more]

ANGOLA’S CRUDE EXPORTS SET TO FALL 20-10-2009
Angola’s crude exports are scheduled to fall in December to 1.76m b/d, down 1.7% from the original schedule for November, reports Bloomberg. This will be the second month shipments have dropped, bringing volumes closer to the country’s OPEC quota. OPEC has urged members to comply more closely with production cuts as compliance with output targets has fallen to 62%. Exports this month are set to ... [more]

NORTH SEA CRUDE OUTPUT FALLS 19-10-2009
North Sea crude and condensate output fell 185k b/d y-o-y in the 3Q09 to just above 3.5m b/d, a record low from the 1999 peak, mainly due to a large drop in output from the Norwegian sector, reports Argus. Maintenance at the 215k b/d Buzzard field also cut volumes. Total volumes from Norway in the 3Q09 were just over 2m b/d, down 5.8% on the year, with September output at 1.9m b/d. Output from ... [more]

STEEL PRICE IN CHINA 19-10-2009
Following two months of falls, some small gains in domestic PRC steel prices have been reported. According to the World Steel Dynamics, the price of Chinese wire rod rose by $14/t week-on-week to a 3-week high of $493/t at the end of last week, after declining 24% over two months. ... [more]

CHINA’S APPARENT OIL DEMAND RISES 16-10-2009
China’s apparent oil demand rose 1.2% during the first eight months of the year to 7.7m b/d, and is likely to see growth for the full year of 2-4%, reports Energy Intelligence. Apparent gasoline demand has risen this year as consumers have responded to government rebates and tax incentives by buying more cars. China expects total auto sales in 2009 to exceed 12m, up 28% y-o-y. Total air traffic ... [more]

US GASOLINE AND DISTILLATE STOCKS FALL AS OUTPUT CUT 15-10-2009
US gasoline stocks slumped 5.2m bbl last week to 209.2m bbl, but remained 7.9% higher y-o-y, as imports fell 321k b/d to 690k b/d and production was cut by 964k b/d to 8.45m b/d, according to the latest data from the US Department of Energy. Refinery utilisation was down 4.1% at 80.9%. Distillate inventories were down 1.1m bbl at 170.7m bbl as imports dipped 50k b/d to 164k b/d and output fell ... [more]

STEEL PRICES CONTINUE TO FALL 15-10-2009
The world export price for HRB steel has slipped to $537/t, according to the latest SteelBenchmarker issued by World Steel Dynamics. This is partly due to an acceleration in exports from China. PRC steel exports have risen each month since May to reach a year-to-date high of almost 2.5 Mt in September. Meanwhile, HRB prices in China have fallen to a six-month low of $407/t, while US and EU prices ... [more]

CHINESE IRON ORE IMPORTS IN SEPTEMBER 14-10-2009
China’s imports of iron ore surged to an all-time high of 64.55 Mt in September, according to preliminary customs data released today. This marks a massive jump from the August import total of 49.68 Mt and is significantly higher than imported volumes in the previous record month of July (of 58.08 Mt). As a result year-to-date imports of 469.6Mt are 36% higher than during the same period ... [more]

CHINA’S CRUDE IMPORTS RISE IN SEPTEMBER 14-10-2009
China’s crude imports rose 14% y-o-y in September to 4.2m b/d, despite falling 3.8% from August, according to the latest data from China Customs. Volumes in Jan-Sept were up 8% at an average 3.9m b/d. Product imports were up 9.8% on the year at 685k b/d, having risen from 642k b/d in August. Year-to-date imports were down 6.8% on the year at an average 779k b/d. ... [more]

OPEC REVISES OIL DEMAND FORECAST 13-10-2009
In its latest monthly report, OPEC has revised up its forecast for 2009 world oil demand growth by 0.2m b/d to now show a contraction of 1.4m b/d. Growth in 2010 has also been revised up to 0.7m b/d to take into account the gradual improvement in the world economy. The demand for OPEC crude in 2009 is estimated to average 28.6m b/d, 2.3m b/d lower on the year, while in 2010 it is expected to ... [more]

US STEAM COAL EXPORTS IN AUGUST FALL TO A 2-YEAR LOW 13-10-2009
US steam coal exports fell by 29% month-on-month to a year-to-date low of 0.5 Mt in August compared with the year-to-date high of 1.3 Mt two months earlier, the lowest level since May 2007. In contrast, US coking coal exports rose to a 10-month high of 2.3 Mt in the same month. Total coal exports from the US in August gained 0.6 Mt from the previous month but were lower than the previous high of ... [more]

RUSSIA’S CRUDE EXPORTS RISE IN SEPTEMBER 12-10-2009
Crude exports via the Transneft pipeline system to destinations outside the FSU rose an unexpected 4.4% in September to 3.79m b/d as producers tried to divert volumes from an oversupplied domestic market, reports Energy Intelligence. Transshipments from Kazakhstan, Azerbaijan and Belarus fell 16% to 451k b/d on the month as Odessa ceases to serve as an outlet for Kazakh crude. Volumes from the ... [more]

US CRUDE IMPORTS FALL IN JULY 12-10-2009
US crude imports in July dropped 1.1m b/d to just 9m b/d, however, volumes from Canada were at a record high of 2.1m b/d, reports Energy Intelligence. Shipments from Mexico fell below 1m b/d for only the second time since 1996. OPEC deliveries to the US fell to 4.3m b/d from 5.6m b/d in July last year, with OPEC’s market share falling to 48% from 53%. ... [more]

APPARENT STEEL USE FORECAST FOR 2009 / 2010 12-10-2009
The World Steel Association forecasts that world apparent steel use (ASU) will rebound by 9.2% to 1,206 Mt in 2010, recovering from this year’s 8.6% decline to 1,104 Mt, mainly due to sustained strong growth from China. PRC demand is set to grow 18.8% to 526 Mt this year. In contrast, consumption in the world excluding China is forecast to fall24.4% to 577 Mt. The WSA expects ... [more]

USDA EXPECTS US SOYA EXPORTS TO HIT A RECORD IN 2009/10 09-10-2009
The USDA Department of Agriculture (USDA) has revised its forecast for US soya (bean & meal) trade for the 2009/10 marketing year up by 1.58 Mt from the previous year to 44.23 Mt. This would be a new record, supported by strong early commitments and reduced competition from other exporters. ... [more]

IEA INCREASES GLOBAL OIL DEMAND FORECAST 09-10-2009
The IEA has revised its global oil demand forecast up by 200k b/d for 2009 and by 350k b/d for 2010, to average 84.6m b/d in 2009 (-1.7m b/d y-o-y) and 86.1m b/d in 2010. The adjustment comes on the back of more optimistic economic assumptions by the IMF and stronger-than-expected preliminary data in OECD N. America, non-OECD Asia and Latin America. Global oil supply rose 310k b/d in September ... [more]

COAL IMPORTS TO JAPAN FALL IN AUGUST 08-10-2009
According to the latest trade data from Japan’s Ministry of Finance, Japan imported 14.5 Mt of coal (including anthracite) in August, representing a 15% decline year-on-year. Imports for the first eight months totalled 104 Mt, down by 20% from the same period last year. Steam coal imports from Australia in August rose by 5% month-on-month to 5.9 Mt, the second highest monthly total in the ... [more]

S. KOREA’S CRUDE IMPORTS FALL IN AUGUST 08-10-2009
S. Korea’s crude imports fell 3.6% y-o-y in August to 2.35m b/d as deliveries from top supplier Saudi Arabia dropped 18.6% to 708k b/d, reports Energy Intelligence. Shipments from the UAE were up 14.3% at 359k b/d, with volumes from most other Mideast countries rising, with the exception of Kuwait, which saw shipments fall 7.9% to 268k b/d. Total imports from the Mideast were up 3.4% at 2.04m ... [more]

US CRUDE STOCKS FALL, GASOLINE AND DISTILLATE RISE 07-10-2009
US crude stocks fell 1m bbl last week to 337.4m bbl, 11.5% higher on the year, as imports fell 435k b/d to 9.1m b/d, according to the latest data from the US Department of Energy. Gasoline inventories were up 2.9m bbl at 214.4m bbl, 14.8% higher y-o-y as imports increased 160k b/d to just over 1m b/d. Demand was up 143k b/d at nearly 9.3m b/d. Distillate stocks grew 0.7m bbl to 171.8m bbl as ... [more]

RICHARDS BAY COAL EXPORTS FALL IN SEPTEMBER 07-10-2009
Coal exports from the Richards Bay Coal Terminal fell by 26% from the 8-month high of 5.59 Mt in August to 4.16 Mt in September, accordingto Reuters. This represents a 22% fall year-on-year. Year-to-date exports totalled 43.2 Mt, compared with 44 Mt in the same period lastyear, the lowest level over the past nine years. ... [more]

AUSTRALIA’S AUGUST IRON ORE EXPORTS HIT A NEW RECORD 06-10-2009
Australian iron ore exports rose by 19% year-on-year to 33.2 Mt in August, hitting an all-time high. This takes year-to-date exports to 233.6 Mt, up by 11% year-on-year. Exports to Japan (6.8 Mt), South Korea (3.1 Mt) and Taiwan (1 Mt) in August hit year-to-date highs. Exports to China accounted for 67% of total Australian iron ore trade, down by 7% from July to 22.4 Mt, compared with the ... [more]

JAPAN’S CRUDE IMPORTS FALL IN AUGUST 06-10-2009
Japan’s crude imports fell 13.5% y-o-y in August to average 3.58m b/d, as imports fell from all Mideast suppliers except two, reports Energy Intelligence. Volumes from Oman were up 12.7% at 115k b/d and those from Iraq more than doubled to 63k b/d. Shipments from Saudi Arabia dropped 2.1% to 994k b/d while Russian exports rose 57% to 169k b/d as refiners’ intake of Sokol crude doubled. Overall, ... [more]

RUSSIA’S OIL EXPORTS TO RISE 05-10-2009
Russia’s seaborne oil exports in October are scheduled to rise 110k b/d month-on-month to 2.76m b/d, mainly due to excess supply in the domestic market due to refinery maintenance, reports Energy Intelligence. Shipments from the Baltic are set to rise 96k b/d to 1.63m b/d, with those from the Black Sea relatively unchanged at 1.13m b/d despite a 116k b/d fall in volumes from Novorossiysk. ... [more]

GLOBAL OIL SUPPLY EXCEEDS DEMAND 05-10-2009
Global oil supply jumped above demand in September as maintenance came to an end taking the surplus (the first since May) to nearly 500k b/d, reports Energy Intelligence. Demand fell 0.34m b/d month-on-month to 84.54m b/d, but was 0.36m b/d higher on the year, while supply was up 0.82m b/d from August but down 0.67m b/d from the previous year. ... [more]

US JOB LOSSES WORSE THAN EXPECTED 02-10-2009
Today, the US Commerce Department reported that job losses accelerated in September, with non-farm payrolls falling by 263,000 jobs, after employers shed an adjusted 201,000 jobs in August. The consensus estimate for September job losses was 175,000. The unemployment rate rose from 9.7% to 9.8% in September, while the average work week shrank to 33.0 hours, matching a record low, from 33.1 ... [more]

WORLD STEEL PRICES FALL EXCEPT IN THE US 30-09-2009
The world export price for HRB steel fell by $1/t from a month earlier to the current level of $545/t, down by $6/t from the year-to-date high of $551/t set two weeks ago, according to the latest SteelBenchmarker issued by World Steel Dynamics. Meanwhile, HRB prices in the EU and China have declined to $416/t (-27% m-o-m) and $415/t (-10% m-o-m) respectively. However, the US HRB price has risen ... [more]

CONGESTION IN PACIFIC BASIN DECLINES 29-09-2009
According to SSY’s Capesize Iron Ore Port Congestion Index for China, average berthing delays at China’s leading iron ore discharge terminals have fallen to around 3 days compared with over 17 days in early July, the lowest level since mid-January. Meanwhile, the SSY Australian Combined Port Congestion Index has fallen to a 3-month low of around 7 days. According to local ... [more]

CHINA IRON ORE IMPORTS BY SOURCE 28-09-2009
China imported a total of 21.97 Mt of iron ore from Australia during August, down by 20% from the record volume of 27.45 Mt set in July. The second largest supplier was Brazil, with 12.75 Mt of iron ore exports into China, up by 0.49 Mt month-on-month. Imports from India fell to a year-to-date low of 4.75 Mt in the month, posting a 33% decline month-on-month, U-metal reported. ... [more]

SOUTH KOREAN COAL IMPORTS REMAIN STRONG 25-09-2009
South Korea imported 9.3 Mt of coal in August, the second highest monthly level so far this year. Total imports were up by 2 Mt yr-on-yr but were down from the record high of 10.1 Mt set in July. Coking coal imports were flat month-on-month at 1.7 Mt. Steam coal imports (including anthracite) of 7.6 Mt included a record volume of 3.4 Mt from Indonesia. ... [more]

LATEST GRAIN TRADE FORECASTS FROM THE IGC 24-09-2009
According to the International Grains Council (IGC), the latest world grain forecast for 2009/10 is up by 2 Mt from the previous month’s projection to 224 Mt, however, still down by 24 Mt from a record volume of 248 Mt set in 2008/09. World wheat exports are unchanged at 113 Mt from last month’s forecast, down by 23 Mt compared to 136 Mt in 2008/09. World maize exports are projected to ... [more]

US STEEL IMPORTS FALL TO A 16-YEAR LOW 23-09-2009
According to the American Iron and Steel Institute (AISI), US steel imports in August fell by 14% from July to a 16-year low of 0.78 Mt, falling below 1 Mt for the fourth time this year. Year-to-date imports totalled 9.5 Mt. This marks a massive 51% decline year-on-year and represents the lowest level over the past 19 years. ... [more]

AUGUST FERROUS SCARP IMPORTS IN CHINA HIT A 7-MONTH LOW 22-09-2009
Ferrous scrap imports into China fell by 21% month-on-month to 1.02 Mt in August after increasing for six straight months, posting the lowest monthly volume since January 2009. However, year-to-date imports totalled 9.89 Mt compared with 2 Mt in January-August 2008. ... [more]

GLOBAL STEEL OUTPUT HITS AN 11-MONTH HIGH IN AUGUST 21-09-2009
According to data from the World Steel Association released today, August world steel production rose for the fourth consecutive month with global output up by 2% month-on-month to 106.5 Mt, posting the highest level since September 2008. However, this still represents an annual drop of 5.5%. The major growth was still in China, where production climbed by 22% year-on-year to 52.3 Mt. ... [more]

IRAQ’S EXPORTS REMAIN ABOVE 2M B/D IN AUGUST 18-09-2009
Iraq’s exports in August rose above 2m b/s for the second straight month and the higher rates are expected to be maintained, reports Energy Intelligence. Shipments were slightly lower than those seen in July due to maintenance in the southern oil fields and higher consumption in the north. Production is running just above 2.5m b/d. Basrah Light exports were unchanged on the month at 1.51m b/d, ... [more]

US DISTILLATE AND GASOLINE STOCKS GROW, CRUDE FALL 16-09-2009
US distillate stocks grew 2.2m bbl last week to 167.8m bbl, 29% higher y-o-y and the highest level since Jan 1983, according to the latest data from the US Department of Energy. Imports were down 88k b/d at 147k b/d while demand dropped 127k b/d to 3.4m b/d. Gasoline inventories were up 0.5m bbl at 207.7m bbl as demand fell 282k b/d to 9m b/d and imports declined 284k b/d to 701k b/d. Crude ... [more]

WORLD HRB EXPORT PRICE RISES FOR FIFTH STRAIGHT MONTH 16-09-2009
According to the latest SteelBenchmarker issued by World Steel Dynamics, the world export price for HRB steel has risen to a year-to-date high of $551/t, posting the fifth straight month of improvement. The US HRB price rose by 7% from end-August to $607/t, the highest level since November 2008. Meanwhile, the HRB price in the EU rose above $600/t for the first time in the past ten months. ... [more]

USDA PREDICTS A 14% FALL IN WORLD WHEAT TRADE FOR 2009/10 15-09-2009
In its latest forecast, the US Department of Agriculture (USDA) projects world wheat trade during the 2009/10 marketing year to fall by 20 Mt from the previous year to 121 Mt. In contrast, USDA predicts a 4 Mt increase in global coarse grain trade for 2009/10. The estimate for global corn trade for the 2009/10 marketing year is up by 6 Mt from 2008/09 to 86 Mt. ... [more]

RUSSIA’S CRUDE EXPORTS RISE 14-09-2009
Russia’s crude pipeline exports to non-CIS countries rose 4.1% month-on-month in August to 4.06m b/d, 7.6% higher y-o-y, but shipments are still lower than in Jan-Jul reflecting a rise in domestic refining, reports Argus. Exports to Primorsk rose 8.3% from July to 1.56m b/d as maintenance on the Baltic Pipeline System was completed. Pivdenne exports returned to their usual level after a dispute ... [more]

OECD SEES STRONGER ECONOMIC RECOVERY SIGNS 14-09-2009
According to the Organization for Economic Cooperation and Development (OECD), the indicator of industrial growth for the world in July improved to 0.8% from -1.6% a month earlier, posting strong signs of a recovery in industrial production. The indicator for China was at the forefront of the growth, at 14%. South Korea (11.7%) and India (6.2%) continue to show strong positive numbers. Indicators ... [more]

CHINESE IRON ORE IMPORTS IN AUGUST 11-09-2009
According to preliminary customs data, iron ore imports into China were 49.68 Mt in August; this was the first time since February that monthly imports had fallen below 50 Mt. Despite being 8.4 Mt lower than July, the August total is still up 12.3 Mt (33%) year-on-year. As a result, Chinese iron ore imports in the year to date now stand at 405 Mt, almost 100 Mt higher than during the same period ... [more]

CHINA’S CRUDE IMPORTS RISE FROM LAST YEAR 11-09-2009
China’s crude imports rose 18% y-o-y in August at an average 4.37m b/d, despite falling 6% from July, according to the latest data from China’s Customs. Year-to-date volumes were 7.6% higher on the year at an average 3.88m b/d. Product imports were down 19% on the year at 642k b/d having dropped from 900k b/d in July. Jan-Aug imports averaged 790k b/d, , 8% lower on the year. ... [more]

US CRUDE STOCKS FALL 10-09-2009
US crude stocks fell 5.9m bbl last week to 337.5m bbl, remaining 13% higher y-o-y despite being the lowest since January, as imports declined 481kb/d to 9.1mb/d, according to the latest data from the US Department of Energy. Gasoline inventories grew 2.1m bbl to 207.2m bbl, 10% higher on the year, as imports rose 107kb/d to 985kb/d and demand fell 195kb/d to 9.28mb/d. Distillate stocks were up 2m ... [more]

GLOBAL OIL DEMAND FORECAST REVISED UP 10-09-2009
In its latest report the IEA has revised its forecast for global oil demand up by nearly 0.5mb/d for both 2009 and 2010, to 84.4mb/d (-1.9mb/d y-o-y) and 85.7m b/d respectively, mostly on stronger-than-expected data in OECD N. America and non-OECD Asia. August global oil supply was down 400kb/d month-on-month at 84.9mb/d on lower non-OPEC output. ... [more]

CHINESE IRON ORE PORT DE-CONGESTION 10-09-2009
There are now some 60 fewer Capesize vessels waiting to berth at China’s iron ore ports compared with mid-June, according to information received from local sources. A total of 27 Capesize vessels are currently waiting to berth. This week SSY’s Capesize Iron Ore Port Congestion Index for China indicated that average waiting time at major China’s iron ore discharge ports has fallen ... [more]

NORTH SEA EXPORTS SET TO RISE 09-09-2009
Daily shipments of the four North Sea crude grades that determine the price of Dated Brent are forecast to rise about 19% in October to 1.38m b/d as fields come back online after maintenance, reports Bloomberg. Combined loadings of Brent, Forties, Oseberg and Ekofisk will rise from 1.16m b/d forecast for this month. Exports of Forties crude, which comprise about 50% of the total are scheduled to ... [more]

CHINA’S CRUDE STEEL OUTPUT 09-09-2009
China’s crude steel production rose by 3.4% in August to a record monthly high of 51.65 Mt in August, according to a source from the China Iron & Steel Association cited by Reuters. This would be the fifth successive monthly increase and would take the Jan-August total to 368.7 Mt, up 5% year-on-year. ... [more]

RUSSIA’S SEABORNE EXPORTS TO FALL 08-09-2009
Crude shipments to sea ports through the Transneft pipeline system are scheduled to fall 4.2% month-on-month in September to 2.63m b/d, reports Argus. Primorsk volumes are set to fall 4.5% to about 1.5m b/d due to maintenance on one of the pipelines. Shipments from Gdansk are forecast to fall 30%, although extra crude may materialise due to Russian refinery maintenance. Black Sea exports are ... [more]

IRON ORE EXPORTS FROM PORT HEDLAND HIT A YEAR-TO-DATE HIGH 08-09-2009
Iron ore shipments from Port Hedland in West Australia rose to a year-to-date high of 14.2 Mt in August as China boosted purchases, official port data showed. This represents a 33% increase year-on-year. Shipments to China in August surged by 72% year-on-year to 9.83 Mt, built were down by 11% from its year-to-date high of 11.1 Mt set in July. Meanwhile, South Korea bought 2.11 Mt of iron ore as ... [more]

CHINA’S WIRE ROD PRICE DROPS TO 4-MONTH LOW 07-09-2009
Having risen steadily from May to August, the price of wire rod in China has been in retreat for the last four weeks. The FOB price fell by 6% last week to a 4-month low of $496/t. This is now 21% below the year-to-date high ($629/t) in early August. ... [more]

AUSTRALIAN COAL EXPORTS HIT A NEW RECORD IN JULY 04-09-2009
Australian coal exports in July jumped to a new monthly record of 24.9 Mt. This has largely due to the surge in China’s demand for imported coal. In doing so, this has lifted year-to-date exports to 151 Mt compared with 147 Mt in the same period last year. Australian coking coal exports rose for the fifth consecutive month to 12 Mt, the highest level since November 2008. However, ... [more]

JAPAN’S CRUDE IMPORTS FALL IN JULY 04-09-2009
Japan’s crude imports fell 18.1% y-o-y in July to average 3.53m b/d, with imports down from every top supplier except Saudi Arabia, Russia and Australia, reports Energy Intelligence. Shipments from Saudi Arabia were up 19k b/d at 1.12m b/d, with those from Russia up 41k b/d at 150k b/d. Volumes from the UAE slumped 33% to 738k b/d, and those from Qatar were down 18.6% at 461k b/d. Imports from ... [more]

RBCT COAL EXPORTS IN AUGUST JUMP TO AN 8-MONTH HIGH 03-09-2009
Coal exports from the Richards Bay Coal Terminal rose to a year-to-date high of 5.59 Mt in August, according to Reuters. This represents a 6% increase year-on-year. This brings exports from the terminal in the first eight months of the year to 39.05 Mt, up by just 1% on the same period last year. ... [more]

GLOBAL OIL DEMAND GROWS FOR FIRST TIME IN OVER A YEAR 03-09-2009
Global oil demand grew 140k b/d y-o-y in August to 84.65m b/d, the first y-o-y growth since July 2008, reports Energy Intelligence. Non-OECD demand rose 955k b/d while OECD demand fell 815k b/d, a lot less than the 2.2m b/d decline seen in July. Demand outpaced supply by 490k b/d from around 320k b/d in the previous two months, compared to the 1.3m b/d surplus seen in May and the 1.66m b/d ... [more]

NORTH SEA LOADING SCHEDULES RELATIVELY STABLE 03-09-2009
Loading schedules for the eight principal Norwegian and UK crude systems show a month-on-month decline of just 0.3% to 1.78m b/d, reports Energy Intelligence. Norwegian production is scheduled to fall 160k b/d but it will be countered by a 154k b/d rise in output from the UK. The Forties system is showing an increase of 210k b/d to 520k b/d, with the contributing Buzzard field scheduled to come ... [more]

PORT CONGESTION IN CHINA DECLINES 02-09-2009
Latest information from China’s iron ore ports indicate that a total of 30 Capesize vessels are waiting to berth compared with a peak of 88 in mid-June. As a result the number of Capesizes waiting to berth at iron ore ports in Australia, Brazil and China (as well as coal ports in Australia) has fallen from 154 in mid-June to 109 this week. ... [more]

US REFINERY UTILISATION RISES 02-09-2009
US crude imports rose 351k b/d last week to 9.58m b/d, however, stocks fell 0.4m bbl to 343.4m bbl as refinery utilisation increased 3.1% to 87.2%, according to the latest data from the US Department of Energy. Gasoline inventories fell 3m bbl ahead of the Labour Day weekend to 205.1m bbl as imports dropped 224k b/d to 878k b/d and demand increased 373k b/d to 9.5m b/d. Distillate stocks were up ... [more]

SPOT IRON ORE PRICE FALLS TO A 7-WEEK LOW 01-09-2009
According to data from U-Metal, the FOB price of Indian iron ore of 63.5% Fe content fell for the third consecutive week to $70/t. Delivered price into China peaked at $110/t in early August but had declined to $90/t by the end of last week. Meanwhile, iron ore stockpiles at China’s discharge ports have risen to a 4-week high of 73.25 Mt, although this is 1.15 Mt lower than the November peak ... [more]

CHINA TO RAISE FUEL PRICES 01-09-2009
China will increase fuel prices on Wednesday by as much as 6.3% to reflect gains in crude oil and help China Petroleum & Chemical Corp, the nation’s biggest refiner, offset rising raw material costs, reports Bloomberg. ... [more]

EUROPE’S FUEL OIL EXPORTS TO ASIA DEPLETE STOCKS 01-09-2009
Europe exported 450k b/d of fuel oil to Asia in July, followed by 265k b/d in August, depleting stocks and driving up residual prices relative to crude in the exporting region, reports Argus. Rotterdam area independent stocks were down at 2.1m bbl on 20 Aug, the lowest since April 2006 and a third lower than the 23 July, and less than half the year-earlier level of 4.8m bbl. Falling Russian fuel ... [more]

US JULY STEEL IMPORTS 27-08-2009
US steel imports in July rose by 14% month-on-month to 0.9 Mt after falling for five consecutive months, according to the American Iron and Steel Institute (AISI). Year-to-date imports dropped by 49% from a year earlier to 8.7 Mt. This represents the lowest level over the past nineteen years. ... [more]

US CRUDE AND DISTILLATE STOCKS RISE, GASOLINE FALL 26-08-2009
US gasoline stocks fell 1.7m bbl last week to 208.1m bbl, but remained 6% higher y-o-y, as imports rose 160k b/d to 1.1m b/d, according to the latest data from the US Department of Energy. Demand was down 100k b/d at 9.1m b/d. Distillate inventories rose 0.8m bbl to 162.4m bbl while imports fell 47k b/d to 132k b/d and demand dell 54k b/d to 3.4m b/d. Crude stocks grew 0.2m bbl to 343.8m bbl, ... [more]

HRB STEEL PRICES OUTSIDE CHINA CONTINUE TO MOVE UPWARDS 26-08-2009
The latest SteelBenchmarker produced by World Steel Dynamics has shown continued positive development for hot rolled band (HRB) steel prices outside China. The world export price for HRB has risen to a year-to-date high of $546/t compared with $507/t in late July. The US and the EU HRB prices are both up by 8% month-on-month to $566/t and $570/t respectively. In contrast, Chinese HRB prices have ... [more]

CHINESE IRON ORE IMPORTS BY SOURCE 25-08-2009
A record volume of Australian iron ore was imported into China in July, up by 16% month-on-month to 27.45 Mt and representing a 52% increase year-on-year. This accounted for almost half of China’s July imports (58.08 Mt). Shipments from Brazil rose by 42% year-on-year to 12.26 Mt while imports from India fell by 15% from the previous month to 7.08 Mt, however, posting a 14% increase ... [more]

INDIA’S DIESEL DEMAND IS RISING 25-08-2009
Indian diesel demand is rising quicker than expected, as electricity shortages cause a rise in the use of generators for private power supply, reports Argus. Hydroelectric power output has been reduced due to a weak monsoon season. India’s diesel demand rose 7% y-o-y in the 2Q09 to 1.19m b/d and hit a record high in June of 1.22m b/d. Imports were just 1,000 b/d in June, 97% lower y-o-y, as ... [more]

CHINA CONSTRUCTION STEEL PRICE FALLS TO A 9-WEEK LOW 24-08-2009
China’s steel prices have corrected downwards after stronger production levels and stock building. Chinese wire rod prices slipped by $26/t from a week ago to $540/t at the end of last week, down by $89/t (-14%) from their year-to-date high of $629/t set in early August. ... [more]

24-08-2009
Americas: On the Caribs and S. America routes there was prompt space available to most destinations out of the USG. There were plenty of cargoes being quoted, with 3,200-5,500t 4gr base oils 1-2 Houston/Ecuador + Peru being noted for 1H September. 200,000 bbl diesel oil is looking to move Curacao/Balbao for 1H September while yellow grease has been heard loading ex-Miss River and 5,000t vegoil is ... [more]

NIGERIA’S CRUDE EXPORTS SET TO RISE IN SEPTEMBER 21-08-2009
Nigeria’s crude exports are forecast to average 2.28m b/d in September as they anticipate fewer attacks against facilities and a recovery from technical problems, reports Energy Intelligence. August exports are set to reach 1.87m b/d, while July levels are still uncertain due to the disruptions, estimates are that they were about 1.87m b/d. ... [more]

WORLD STEEL PRODUCTION HITS 100 MT IN JULY 20-08-2009
July was the first month since September 2008 to see global steel production reach 100 Mt, according to data from the World Steel Association. At 103.9 Mt world steel production was down 11% year-on-year in July, with strong growth registered in China (+13% to 50.7 Mt) and India (+4% to 4.7 Mt). Nonetheless, steel output in the US fell 42% from the same month last year to 5.0 Mt, while ... [more]

JULY COAL IMPORTS INTO CHINA CLOSE TO ALL-TIME HIGH 19-08-2009
China imported 13.88 Mt of coal in July, according to China’s Customs Statistics, just short of June’s record monthly total of 16.07 Mt. Chinese imports of all grades of coal have boomed in 2009, accelerating to current levels from just 2.99 Mt in January. As a result the year-to-date imports of 62.15 Mt are already well above the total for the whole of 2008 of 40.4 Mt. ... [more]

US OIL INVENTORIES DROP 19-08-2009
US crude stocks slumped 8.4m bbl last week to 343.6m bbl but remained 12% higher y-o-y, as imports fell 1.4m b/d to 8.1m b/d, the lowest since Sept ’08, according to the latest data from the US Department of Energy. Gasoline inventories fell 2.1m bbl to 209.8m bbl as imports dipped 32k b/d to 942k b/d and demand rose 254k b/d to 9.2m b/d. Distillate stocks were down 0.7m bbl at 161.6m b/d, 22% ... [more]

CHINA STEEL STOCKS RISE FOR FIRST TIME IN FIVE MONTHS 18-08-2009
According to the China Iron & Steel Association, China’s steel inventories have risen for the first time in the past five months. Stocks for construction steels (rebar and wire rod) increased by 6% to 4.26 Mt by end-July. Hot rolled coil stocks were up by 7% month-on-month at 2.9 Mt. That’s 81% and 95% higher than the beginning of this year. ... [more]

GLOBAL OIL DEMAND FALLS IN JULY Y-O-Y 18-08-2009
Global oil demand in July fell 1.94m b/d, or 2.24%, y-o-y to average 84.5m b/d, 710k b/d higher than the previous month, reports Energy Intelligence. OECD demand was down 4.1% on the year while non-OECD demand remained flat. Supply was up 310k b/d on the month at 84.3m b/d, 3.7m b/d lower than the same month last year, as Norway’s output rose over 300k b/d after the return from maintenance. ... [more]

EUROPEAN CRUDE RUNS FALL DUE TO WEAK DEMAND 17-08-2009
European crude throughputs were just 10.9m b/d in June and July, the first time they have been below 11m b/d since early 1995, as refinery utilisation fell to 83% in July, down from 91% in the same month last year, reports Argus. Weak demand and poor refining margins are leading to extensive run cuts and refinery shutdowns, tightening the supply of gasoline during the peak summer driving season. ... [more]

CHINA CONSTRUCTION STEEL PRICE FALLS TO A FIVE-WEEK LOW 17-08-2009
China wire rod prices dropped by 10% from a week ago to $566/t at the end of last week after rising to a ten-month high of $629/t in the first week in August. This represents a 28% decline year-on-year. ... [more]

US COAL EXPORTS IN JUNE HIT A YEAR-TO-DATE HIGH 14-08-2009
US steam coal exports hit a year-to-date high of 1.3 Mt in June (excluding exports to Canada) compared with 0.6 Mt from the previous month, representing an 18% year-on-year increase. Year-to-date exports dropped by 17% from a year earlier to 6.3 Mt. Meanwhile, US coking coal exports (excluding exports to Canada) in June jumped by 107% month-on-month, similar to the level from the same ... [more]

RUSSIA’S CRUDE EXPORTS FALL IN JULY 14-08-2009
Russia’s pipeline crude exports fell 5.1% both y-o-y and month-on-month in July to 3.9m b/d due to maintenance one the Baltic Pipeline System route to Primorsk and a cut in Pivdenne loadings, reports Argus. Volumes to Novorossiysk fell 7.4% y-o-y to 3.73mt, or 880k b/d, while those to Odessa and Pivdenne dropped 59% and 43% y-o-y respectively. Shipments to Odessa, however, were up 32% from June. ... [more]

ARGENTINA’S WHEAT EXPORTS FALL TO A 36-YEAR LOW 13-08-2009
The US Department of Agriculture (USDA) has sharply reduced its forecast for Argentina’s wheat exports by 1 Mt from July’s estimate to only 1.5 Mt in 2009/10 (July-June), compared with 8.4 Mt in the previous marketing year. This represents a massive 82% decline year-on-year. If it is realised, this would be the lowest level overthe past 36 years. ... [more]

JAPAN’S CRUDE IMPORTS FELL IN 1H09 13-08-2009
Japan’s crude imports in the 1H09 fell 14.9% y-o-y to 3.68m b/d, reflecting an 11% decline in domestic oil sales to 3.36m b/d, reports Energy Intelligence. Imports averaged 3.24m b/d in June, down 8.3% on the year, according to data from the Ministry of Economy, Trade and Industry. Saudi Arabia’s shipments in June fell 3.6% to just over 1m b/d, while imports from the UAE and Qatar slumped over ... [more]

CHINA’S MONTHLY STEEL PRODUCTION RISES ABOVE 50 MT FOR THE FIRST TIME 12-08-2009
According to the National Bureau of Statistics (NBS), China’s crude steel output rose to the first 50+Mt monthly total in its history, up by 2.6% from the previous record set in June to 50.6 Mt, posting a 13% increase year-on-year. Year-to-date production totalled 317 Mt. This brings the annualized rate to 544 Mt. If it is realised, that would be 9% higher than crude steel production in 2008 ... [more]

US CRUDE STOCKS RISE AS GASOLINE AND DISTILLATE DEMAND FALL 12-08-2009
US crude stocks grew 2.5m bbl last week to 352m bbl, 19% higher on the year, as imports increased 243k b/d to 9.53m b/d, according to the latest data from the US Department of Energy. Gasoline inventories were down 1m b/d at 211.9m bbl after imports fell 47k b/d to 974k b/d, despite demand dropping 248k b/d to 8.95m b/d. Distillate stocks rose 0.8m bbl to 162.3m bbl, with imports just 21k b/d ... [more]

IEA REVISES UP GLOBAL OIL DEMAND GROWTH 12-08-2009
The IEA has revised its 2009 forecast for global oil demand by 190k b/d to 83.94m b/d, indicating an annual rate of –2.7% versus 2008. Growth in 2010 is now assessed at +1.6% y-o-y at 85.3m b/d. Oil supply in July rose by 570k b/d to 85.1m b/d, two-thirds of which stemmed from non-OPEC. Total non-OPEC supply for 2009 has been revised up 160k b/d to 51m b/d, largely due to stronger-than-expected ... [more]

CHINA’S CRUDE IMPORTS HIT RECORD HIGH 11-08-2009
China’s crude imports jumped 42% y-o-y in July to a new record high of 4.6m b/d after rising 14% from June, as refiners boosted exports and cashed in on retail price hikes in June, according to the latest data from China Customs. Jan-Jul volumes now average 3.8m b/d, up 6% on the year. Product imports were 13% lower in July than the previous year at 900k b/d, although they were slightly up on the ... [more]

CHINA’S IRON ORE IMPORTS HIT A NEW RECORD 11-08-2009
China’s iron ore imports rose for the second consecutive month in July, up by 5% from the previous peak set in June to 58.08 Mt, representing a 47% increase year-on-year and hitting a new monthly record, according to preliminary Chinese Customs data. That represents the fifth consecutive monthly import total over 50 Mt. ... [more]

PORT DE-CONGESTION 10-08-2009
Latest information from China’s iron ore ports indicate that a total of 47 Capesize vessels are waiting to berth compared with a peak of 88 in mid-June. The impact of de-congestion at China’s ports has been partially offset over this period by increases in Capesize queues at iron ore load ports in Australia and Brazil, however. As a result the number of Capesizes waiting to ... [more]

FORTIES CRUDE LOADINGS TO JUMP IN SEPTEMBER 07-08-2009
Daily shipments of North Sea Forties crude are scheduled to rise 68% in September as fields restart after maintenance, reports Bloomberg, Tankers are set to load 520k b/d of Forties next month, up from an original August schedule of 310k b/d. Shipments are forecast to drop to a 2-year low in August as fields, including Buzzard and Elgin-Franklin are shut for maintenance. ... [more]

JAPAN’S STEEL EXPORTS RISE IN JUNE 06-08-2009
According to the Japan Iron and Steel Federation, Japan’s steel exports in June rose by 33% from the previous month to 2.9 Mt. However, this still represented an 11% year-on-year fall. This brings exports in the 1h09 to 13.7 Mt, down by 32% from the same period last year. Demand for Japanese steel to the rest of Far East Asia showed signs of recovery. June exports from Japan to China and ... [more]

US CRUDE STOCKS RISE, GASOLINE AND DISTILLATE FALL 05-08-2009
US crude stocks grew 1.7m bbl last week to 349.5m bbl, 17.7% higher y-o-y, despite imports falling 737k b/d to 9.3m b/d, according to the latest data from the US Department of Energy. Distillate inventories fell 1.1m bbl to 161.5m bbl, but remained 21% higher on the year, as imports fell 113k b/d to 141k b/d and demand rose 161k b/d to 3.4m b/d. Gasoline stocks were down 0.2m bbl at 212.9m bb;, ... [more]

NEW RECORD FOR AUSTRALIA’S COAL EXPORTS, IRON ORE EXPORTS DOWN 05-08-2009
The surge in China’s coal demand pushed total Australian coal exports in June to 24.6 Mt, posting a new monthly record, some 0.8 Mt more than the previous peak of 23.8 Mt in October 2008 and up by 1.2 Mt year-on-year. Meanwhile, Australia’s iron ore exports fell by 2.2 Mt from the previous month to 31.1 Mt in June. Exports to China were down by 14% from the previous high set in ... [more]

CHINESE PORT CONGESTION EASES 04-08-2009
The number of Capesize vessels waiting to berth at China’s iron ore discharge ports appears to have declined recently. Over the past week, the number of Capes in queues has dropped from 65 to 59, according to local sources. SSY’s new Capesize Iron Ore Port Congestion Index for China, which provides a weighted average of berthing delays at China’s leading iron ore discharge ... [more]

MEXICO’S CRUDE OUTPUT FALLS IN 1H09 04-08-2009
Mexico’s crude output fell 200k b/d y-o-y in the 1H09 to 2.63m b/d due to falling production fom the Cantarell oil field, reports Argus. Exports, most of which go to the US, were down by 215k b/d at 1.24m b/d. The Cantarell field is no longer Mexico’s largest source of crude, with production down at 740k b/d in the 1H09, down from a peak of 2.1m b/d in 2004. Mexico has cut product imports, fell ... [more]

SPOT IRON ORE PRICE JUMPS TO OVER $100/T 03-08-2009
According to data from U-Metal, the delivered price of Indian spot iron ore to China now stands at a ten-month high of $102/t, up from this year’s low of $60/t at the end of March. Meanwhile, iron orestockpiles at China’s discharge ports have risen to a nine-month high of 73.29 Mt, although this is 1.13 Mt lower than the November peak of 74.4 Mt. ... [more]

LATIN AMERICAN CRUDE EXPORTS TO CHINA FALL 03-08-2009
Latin American crude exports to China have fallen, with rising exports of Venezuelan crude to the US and a fall in the country’s production due to the OPEC constraint cutting the amount available to Chinese buyers, reports Argus. US refiners have also been buying more Venezuelan crude to offset declines in Mexican output. Crude exports to China loading in August are scheduled at 130k b/d, a fall ... [more]

S. KOREAN CRUDE IMPORTS FALL IN JUNE 31-07-2009
S. Korean crude imports fell 8.2% y-o-y in June to average 2m b/d, bringing average imports for the 1H09 to 2.34m b/d, 2.3% lower on the year, reports Energy Intelligence. Saudi Arabia remained the top supplier in June, despite shipments falling 24.6% to 543k b/d. UAE sent 322k b/d, 31% less than last year, while Algeria emerged as one of the top 10 suppliers as buyers took advantage of ... [more]

CHINESE STEEL PRICES CONTINUE TO RISE 31-07-2009
Chinese wire rod prices have risen above $600/t for the first time since the start of October, according to data from World Steel Dynamics. That represents a rise of almost 33% since prices bottomed four months ago, implying a continued strengthening in Chinese steel demand. ... [more]

US STEEL IMPORTS CONTINUE TO FALL 30-07-2009
According to the American Iron and Steel Institute (AISI), US steel imports in June fell for the fifth consecutive month to 0.77 Mt, down by 18% from the previous month. This brings imports in the 2q09 to 2.81 Mt, representing the lowest quarterly total for over twenty years. Total imports of finished steel in the 1h09 fell by 36.4% from the same period last year to 7.3 Mt. Imports of ... [more]

NORTH SEA AUGUST LOADINGS FALL 30-07-2009
Exports from the eight principal Norwegian and UK crude oil systems are set to fall 19%, or 419k b/d, month-on-month in August to 1.78m b/d, according to the latest loading schedules, reports Energy Intelligence. The UK’s Forties system throughput will drop 53% from July to 310k b/d as the contributing Buzzard field will be down for maintenance during the 2H August and 1H Sept. One of the ... [more]

WORLD HRB STEEL PRICE RISES TO AN 8-MONTH HIGH 29-07-2009
The latest SteelBenchmarker from World Steel Dynamics shows global hot rolled band export prices to have risen to an 8-month high of $507/t in July, a gain of $61/t (+14%) over the past month, compared with the year-to-date low of $395/t set in April. However, the current price remains 54% lower than the all-time high of $1,113/t from a year earlier. ... [more]

US CRUDE AND DISTILLATE STOCKS RISE, GASOLINE FELL 29-07-2009
US crude stocks jumped 5.1m bbl last week to 347.8m bbl as imports increased 821k b/d to just over 10m b/d and refinery utilisation fell to 1.2% to 84.6%, according to the latest data from the US Department of Energy. Distillate inventories grew another 2.1m bbl to 162.6m bbl, the highest since early Jan 1985, while imports remained relatively unchanged at 254k b/d and demand fell 190k b/d to ... [more]

GRADUAL PORT DE-CONGESTION IN CHINA & AUSTRALIA 28-07-2009
The number of Capesize vessels waiting to berth at Australia’s coal load ports and China’s iron ore discharge ports appears to have declined recently. In the last week the number of Capes in queues at Australian coal terminals has dropped from more than 30 to 18, according to local sources. Meanwhile, there are currently 65 Capesizes waiting to berth at PRC iron ore ports compared with ... [more]

CHINA CUTS FUEL RETAIL PRICES 28-07-2009
China has announced it will lower retail fuel prices by 3% after two large increases last month raised them 15% to their highest ever, reports Reuters. Gasoline and diesel prices will be cut by 220 yuan per tonne from Wednesday to track falling global crude prices. Wholesale prices have been under pressure this month as dealers unloaded stocks to cash in on higher prices while consumer demand ... [more]

W. AFRICAN EASTBOUND EXPORTS RISE 27-07-2009
Eastbound W. African crude shipments are being boosted by Chinese and Indian demand, with around 1.5m b/d set to head to Asia-Pacific in August, 90k b/d more y-o-y, reports Argus. High Chinese demand due to new refineries coming on stream has helped offset a drop to Europe and the US. China is taking 770k b/d in Aug, 120k b/d less than in the 2Q09 but 185k b/d more than the 1Q09. China’s crude ... [more]

SPOT IRON ORE PRICE RISES TO A 10-MONTH HIGH 27-07-2009
The FOB price of Indian iron ore of 63.5% Fe content rose to a year-to-date high of $75/t at the end of last week, compared with the year-to-date low of $50/t set in March, according to data from U-Metal. This takes the delivered price into China to $95/t, the highest level since October 2008. ... [more]

AZERI CRUDE EXPORTS SET TO RISE IN JULY 24-07-2009
Azeri crude exports are forecast to rise 20% month-on-month in July to 4.2Mt (1m b/d), with Ceyhan accounting for most of the growth, reports Argus. ExxonMobil will resume Azeri exports through the Batumi terminal this month, shipping 160-165kt. Socar is set to increase shipments through Novorossiysk in July from 171kt to 240kt. ... [more]

JAPAN’S CRUDE IMPORTS SLUMP IN JUNE 23-07-2009
Japan’s oil imports fell 19.1% in June y-o-y to an 18-year low of 3.15m b/d as scheduled maintenance and weak demand reduced domestic refiners’ need to ship in crude feedstocks, reports Reuters. Japan’s average refining rate fell as low as 63.2% last month, the lowest in 13 years. ... [more]

CHINA IRON ORE IMPORTS BY SOURCE 23-07-2009
In June, the surge in Chinese iron ore imports mainly came from Australia, with a record volume of 23.72 Mt, up by 53% year-on-year. Brazil exported 12.21 Mt of iron ore as the second largest exporter, just short of May’s record of 13.6 Mt. India’s exports to China fell to a year-to-date low of 8.29 Mt. Notably, South Africa exported a record volume to China, up by 159% year-on-year to ... [more]

US CRUDE STOCKS FALL, DISTILLATE AND GASOLINE RISE 22-07-2009
US crude stocks fell another 1.8m bbl last week to 342.7m bbl but remained 16% higher y-o-y as imports dropped 346k b/d to 9.2m b/d, according to the latest data from the US Department of Energy. Distillate inventories grew a further 1.2m bbl to 160.5m bbl, keeping levels at a 25 year high and 25% higher y-o-y, as imports rose 93k b/d to 252k b/d. Gasoline stocks were up 0.8m bbl at 215.4m bbl, ... [more]

CHINA’S COAL IMPORTS CONTRIBUTE TO CONGESTION IN AUSTRALIA 21-07-2009
China’s coal imports in June rocketed to 16.1 Mt, official customs data show. This exceeds the previous monthly record set in May by 76% and is almost six times the year-ago import volume. This year’s surge in imports has been driven by demand for both steam coal and coking coal. Consequently, this has lifted monthly shipments from Australia from 1.0 Mt in January to close to 6 Mt by May. ... [more]

CHINA’S STEEL MILLS AT FOREFRONT OF PRODUCTION GAINS 20-07-2009
In June monthly world crude steel production recovered to its highest level since September 2008, latest data from the World Steel Association indicate. However, at 99.8 Mt, this was still down 16% year-on-year. China’s steel mills were at the forefront of the growth, producing (a higher than previously reported) 49.4 Mt, almost half of global output, up 6% YoY. The other major annual gain was in ... [more]

DIESEL US TO EUROPE ARB STILL OPEN 20-07-2009
Diesel exports from the US to Europe are high, with around 180k b/d moving from the USG to Europe in July and another 25k b/d from eastern Canada, reports Argus. More cargoes are expected in August, adding to the already high distillate stocks in the region. US diesel inventories are at record highs, depressing regional markets and keeping the arbitrage open to Europe. Many onshore storage tanks ... [more]

CHINA RELEASES THE SECOND BATCH OF COAL EXPORT QUOTAS 17-07-2009
China has issued a second batch of coal export quotas for 2009 totalling 25 Mt, according to the National Development and Reform Commission. The latest batch brings total coal export quotas to 51 Mt for the year, up by 7% from 2008. However, in the first five months of the year China exported only 10.52 Mt of coal. ... [more]

IRAQ’S JULY OIL EXPORTS SET TO BE HIGHEST IN 6 YEARS 17-07-2009
Iraq’s oil exports in July so far have reached an average 2.1m b/d, putting them on track for the highest month since the 2003 US-led invasion, reports Reuters. Since the invasion, the export rate had only gone above 2m b/d last May when it reached 2.01m b/d. Lower global demand and technical problems at the oil fields in Basra since then have kept levels between 1.7-1.9m b/d, which they reached ... [more]

CHINA’S GDP STRENGTHENS IN 2Q09 16-07-2009
China’s economy grew by 7.9% annually in the 2q09, quicker than many economists had anticipated. The growth rate marked an acceleration from 6.1% in the previous quarter. Healthier GDP growth occurred in spite of subdued exports and was boosted by the country’s stimulus package. ... [more]

GLOBAL OIL DEMAND FALLS IN 2Q09 16-07-2009
Global oil demand slumped 3.4m b/d y-o-y in the 2Q09 to average 82.8m b/d, the lowest quarterly average in five years, as consumers cut spending and rising unemployment lowers transportation demand, according to Energy Intelligence. Oil demand in the 2H09 is forecast to rise 1.1m b/d versus the 1H09 to 84.5m b/d. OECD demand fell 2.6m b/d in June y-o-y, taking it down 3m b/d in the 2Q09. Global ... [more]

US DISTILLATE STOCKS REACH 25 YEAR HIGH 15-07-2009
US distillate stocks rose another 0.6m bbl last week to 159.3m bbl, the highest since Jan 1985, and are now 27% higher y-o-y, despite imports dipping 62k b/d to 159k b/d, according to the latest data from the US Department of Energy. Demand was up 400k b/d at 3.4m b/d while production remained relatively unchanged. Gasoline inventories rose 1.4m bbl to 214.6m bbl despite imports falling 276k b/d ... [more]

WORLD HRB STEEL PRICE RISES TO YEAR-TO-DATE HIGH 15-07-2009
In a positive development for the global steel sector, the world export price for hot rolled band has risen to $481/t compared with $446/t in late June, as measured by World Steel Dynamics. This is now the highest level seen in 2009. However, the current price remains 57% lower than last year’s record high of $1,113/t. ... [more]

LONG-HAUL EXPORTS OF BTC BLEND RISE 14-07-2009
Exports of BTC Blend to destinations outside the Med have jumped in the 1H09 due to disruptions in supply of competing Nigerian crude and low freight rates, reports Argus. Shipments to the US and Canada in the 1H09 rose 67.5% compared to the 2H08 to 3.93mt, or 162k b/d, while those to Asia-Pacific were up 119% at 5.97mt, or 242k b/d. US and Indian buyers, including IOC, have been buying more BTC ... [more]

IRON ORE IMPORTS INTO CHINA 13-07-2009
Preliminary Chinese customs data for June indicate another very strong month for iron ore imports, with 55.3 Mt entering the country. If confirmed this would represent the second-highest monthly total ever, just short of April’s record 57.0 Mt. As a result the preliminary 1h09 iron ore import total is 297.2 Mt, up 29% on the same period last year. According to reports from China, ... [more]

CHINA’S CRUDE IMPORTS RISE 13-07-2009
China’s crude imports jumped 14% y-o-y in June to average just over 4m b/d, but daily rates were relatively unchanged month-on-month, according to the latest data from China Customs. Year-to-date volumes were only marginally higher this year at an average 3.67m b/d. Product imports were down 2% on the year but rose 11% from May to 876k b/d. Volumes in Jan-June 2009 were almost 6% lower than in ... [more]

USDA LIFTS SOYA TRADE FORECAST 10-07-2009
The US Department of Agriculture (USDA) has revised its forecast for world soya (bean & meal) trade for the 2008/09 (Oct-Sep) marketing year up by 1.5 Mt from last month to 127 Mt. This would represent a fall of 8.3 Mt from 2007/08. Due to largly to higher soyabean imports from China, soya exports from the US and Brazil are predicted to reach new highs in 2008/09 of 42.4 Mt (+2.3 Mt) and ... [more]

GLOBAL OIL DEMAND TO REBOUND IN 2010 10-07-2009
In its latest monthly report the IEA has forecast global oil demand to rise 1.7%, or 1.4m b/d, to 85.2m b/d, in 2010, largely led by non-OECD countries. The demand outlook in 2009 is effectively unchanged (down 2.9%, or 2.5m b/d y-o-y) given much weaker-than-anticipated preliminary data in the OECD and despite a large 2007 baseline adjustment for non-OECD countries. Non-OPEC supply for 2009 has ... [more]

BANK LENDING SURGE IN CHINA 09-07-2009
China’s bank lending in June surged once more to 1.53 trillion yuan ($224 billion), according to preliminary government data quoted by Bloomberg. This takes the total for the 1h09 to 7.37 trillion yuan, almost 50% higher than the minimum target of 5 trillion for the whole of 2009. ... [more]

NORTH SEA SHIPMENTS TO FALL IN AUGUST 09-07-2009
Daily shipments of North Sea Forties crude are scheduled to fall 53% month-on-month in August to 310k b/d as fields are idled for maintenance, reports Bloomberg. Sixteen cargoes totalling 9.6m bbl are due to be shipped, compared with 20.4m bbl in July. Normal production is around 700k b/d. The Buzzard field, which pumps around 200k b/d into the Forties Pipeline System, is due to close for one ... [more]

US CRUDE STOCKS FALL, GASOLINE AND DISTILLATE RISE 08-07-2009
US crude stocks fell another 2.9m bbl last week to 347.3m bbl, but remained 18% higher y-o-y, as imports fell 139k b/d to 9.2m b/d, according to the latest data from the US Department of Energy. Gasoline inventories grew 1.9m bbl to 213.1m bbl as imports increased 228k b/d to 1.2m b/d, with demand rising 176k b/d to 9.23m b/d. Distillate stocks were up 3.7m bbl at 158.7m bbl having risen 30% ... [more]

CHINESE PORT CONGESTION UPDATE 08-07-2009
There are currently 71 Capesizes waiting to berth at China’s iron ore discharge ports, according to data from local sources received today. This marks a decline from the 77 Capes which were queueing at the weekend and represents a drop of 17 from the peak two and a half weeks ago. ... [more]

RICHARDS BAY COAL EXPORTS IN JUNE RISE TO A YEAR-TO-DATE HIGH 07-07-2009
Coal exports from the Richards Bay Coal Terminal rose by 7.2% year-on-year to a year-to-date monthly high of 5.5 Mt in June, representing a 55% increase from May’s 16-month low, according to Bloomberg. This brings exports from the terminal in the 1h09 to 28 Mt, still short of the 1h08 total of 29.2 Mt. ... [more]

GLOBAL OIL DEMAND CONTINUES TO FALL 07-07-2009
Global oil demand in the 2Q09 fell over 3m b/d y-o-y to less than 83m b/d, an even sharper decline than the 2.8m b/d drop seen in the 1Q09 and the 1.87m b/d fall in 4Q08, reports Energy Intelligence. In the 2H09 demand is forecast to rise to average 84.2m b/d, a rise of 900k b/d but still 634k b/d lower than the 2H08. June demand fell by 2.3m b/d y-o-y, or 2.6%, to 82.8m b/d. 2.2m b/d of the ... [more]

JAPAN’S CRUDE IMPORTS FELL IN MAY 06-07-2009
Japan’s crude imports fell 17.5% y-o-y in May to nearly 3.4m b/d, with shipments from Saudi Arabia falling 17.5% to just over 1m b/d, reports Energy Intelligence. Volumes from the UAE dropped 19.1% to 772k b/d contributing to a 14.9% fall in Mideast imports. Shipments from Qatar and Oman rose 19.2% to 497k b/d and 26.2% to 77k b/d respectively. Imports from Asia-Pacific fell 67.2% to 80k b/d. ... [more]

INDIAN IRON ORE SPOT PRICE GAINS 06-07-2009
The FOB price of Indian iron ore of 63.5% Fe content now stands at $66/t, up $4 on last week and up $10 on the month-ago level, according to data from U-Metal. This takes the delivered price into China to $84/t, just short of the year-to-date high reached in February. ... [more]

CHINESE PORT CONGESTION UPDATE 03-07-2009
There are currently 77 Capesizes waiting to berth at China’s iron ore discharge ports. Caofeidian, Rizhao and Tianjin are the most severely affected. This compares with 80 last week and 88 two weeks ago. ... [more]

NEW RECORD FOR AUSTRALIA’S IRON ORE EXPORTS, COAL EXPORTS UP 02-07-2009
Australia’s iron ore exports hit a new record of 34.0 Mt in May, some 3.2 Mt higher than the previous record set in July 2008. The May total was up by 4.9 Mt over April and up by 4.4 Mt yr-on-yr. A record 27.3 Mt, or 80% of the May total, was shipped to China, with year-to-date exports to China running some 51% higher yr-on-yr.Meanwhile total Australian coal exports in May of 22.5 Mt were ... [more]

NORTH SEA LOADING SCHEDULES RISE 02-07-2009
North Sea July loading schedules for the 8 principal Norwegian and UK crude oil systems are forecast to jump 19%, or 350k b/d, month-on-month to 2.2m b/d as several maintenance schedules complete, reports Energy Intelligence. Volumes from Norway are scheduled to rise 270k b/d, with Oseberg’s output leading the way with a 95k b/d hike, while in the UK sector, Forties and Brent will be producing ... [more]

RUSSIAN CRUDE EXPORTS SET TO FALL 02-07-2009
Crude exports from Russia are set to fall 147k b/d month-on-month in July to 2.54m b/d, down from 2.69m b/d in June and 2.75m b/d in May, due to continued work on Russia’s pipeline network, reports Energy Intelligence. Volumes from Primorsk are set to drop 107k b/d to 1.44m b/d while those from Novorossiysk are scheduled to rise by 91k b/d to 907k b/d. ... [more]

US CRUDE STOCKS FALL, GASOLINE AND DISTILLATE RISE 01-07-2009
US crude stocks fell 3.7m bbl last week to 350.2m bbl, but remained 17% higher y-o-y, as imports rose 79k b/d to 9.36m b/d, according to the latest data from the US Department of Energy. Gasoline inventories grew 2.3m bbl to 211.2m bbl, with imports relatively unchanged at 979m b/d and demand down 76k b/d at just over 9m b/d. Distillate stocks were up 2.9m bbl at 155k bbl, 28% higher on the year, ... [more]

NO AGREEMENT IN IRON ORE CONTRACT PRICE TALKS WITH PRC STEEL MILLS 01-07-2009
Chinese steelmakers and iron ore suppliers have failed to agree a contract price for the 2009 financial year within the deadline of 30 June (as laid out in the terms of many iron ore contracts). As a result, all iron ore cargoes shipped to China from now on will be on a spot basis until a new agreement is reached. ... [more]

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