9 September, 2010
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Port information and disbursements for the dry cargo shipping industry

SSY News


CANADIAN IRON ORE EXPORTS 08-09-2010
Iron ore exports by Canada (excluding exports to the US) rose by 1.5% year-on-year to 11.7 Mt in the 1h10, according to data from Statistics Canada. Latest data showed a shift in the country’s iron ore export patterns. Total exports to China dropped by 69.5% from the year-ago level to 1.2 Mt in Jan-Jun of 2010. In contrast, Canadian iron ore exports to Germany in the 1h10 have surged to 3.3 Mt, ... [more]

NEW CHINESE REFINERY ONLINE 08-09-2010
PetroChina Co.’s 201 kb/d Qinzhou refinery has officially started operations Wednesday after two months of delays, reports Dow Jones. The unit could potentially add to overcapacity in China’s refining sector, but could also increase China’s crude demand. It is PetroChina’s first large refinery in the southwest and will process mostly crude produced at its parent company China National Petroleum ... [more]

NIGERIAN OUTPUT RECOVERY POTENTIALLY UNDER THREAT 07-09-2010
The prospects of a sustained recovery in Nigerian crude output is being threatened by rising political instability, reports Argus. Production has recovered strongly since the indefinite ceasefire by rebel group Mend announced in October, with volumes at 2.3m b/d in August, close to a four-year high of 2.35m b/d in July. Output in Jan-Aug was 300 kb/d higher on the year, mainly due to the ... [more]

INDIAN IRON ORE SPOT PRICES SET TO FALL FURTHER 07-09-2010
The FOB price of Indian iron ore of 63.5% Fe content fell for the second consecutive week to $132/t at the end of last week, with the delivered price into China falling to a 4-week low of $151/t, according to data from U-Metal. ... [more]

GLOBAL OIL SUPPLY BALANCED IN AUGUST 06-09-2010
Latest estimates indicate the tightening of global oil market balances typically seen in August failed to materialise to the normal extent, reports Energy Intelligence. Global supply was relatively stable in August, falling just 40 kb/d mom. Traditionally, global crude output slumps in August as North Sea maintenance reaches its peak and refiners start buying less crude ahead of their own autumn ... [more]

IRON ORE IMPORTS BY JAPAN AND SOUTH KOREA 06-09-2010
Japanese iron ore imports rose by 0.1 Mt month-on-month to a 3-month high of 11.5 Mt in July. In contrast, iron ore imports by South Korea slipped by 0.8 Mt month-on-month to 4.1 Mt, according to data from customs service. The data showed some declines in shipments from the largest supplier Australia to these two countries. South Korea imported 2.9 Mt of Australian iron ore, down by 0.4 Mt ... [more]

COAL EXPORTS FROM NEWCASTLE PORT SLIDE IN AUGUST 06-09-2010
According to data from Port Waratah Coal Service (PWCS), coal exports from Newcastle’s two terminals Carrington and Kooragang fell by 1.0 Mt month-on-month to 7.5 Mt in August. The data show some declines in exports to Far East countries (Japan, South Korea and China), down by 22% month-on-month to 5.7 Mt. Meanwhile, exports in the first eight months of 2010 reached 62.9 Mt, compared with 59.4 Mt ... [more]

RUSSIA EXTENDS BAN ON WHEAT EXPORTS 03-09-2010
Russia’s Prime Minister Vladimir Putin announced that the country’s grain exports ban implemented last month after a severe drought and heatwave, may be extended to after next year’s harvest, according to major media sources. The ban was announced on 5 August and was originally effective from 15 August to 31 December. ... [more]

JAPANESE CRUDE IMPORTS UP 1.3% YEAR-ON-YEAR IN JULY 03-09-2010
The latest data from Japan’s Ministry of Economy, Trade and Industry reveals that the country’s July crude imports averaged 3.58 mb/d, a 47 kb/d increase from the same month in 2009. Saudi Arabia remained Japan’s main provider, but saw imports fall by 259 kb/d y-o-y to 865 kb/d. Crude imports from Russia more than doubled from a year earlier, increasing by 163 kb/d to 313 kb/d, thanks to the ... [more]

RUSSIAN REFINERY MAINTENANCE GATHERS PACE IN SEPTEMBER 03-09-2010
Approximately 636 kb/d of Russian primary crude distillation capacity will be closed for maintenance this month, Argus reports. This represents 11% of the total capacity of this nature and is a significant increase from the 397 kb/d removed from service last month as seasonal maintenance kicks in. ... [more]

RUSSIAN CRUDE SHIPMENTS SET TO FALL IN SEPTEMBER 02-09-2010
Transneft’s latest loading schedules reveal Russian seaborne crude exports of 2.79 mb/d in September, a 62 kb/d decrease from August’s planned shipments, Energy Intel reports. Scheduled exports from Baltic Sea ports rose by 49 kb/d to an average of 1.52 mb/d. Actual exports from Primorsk last month, however, were much higher than scheduled, suggesting that shipments this month will in fact be ... [more]

JAPANESE STEEL EXPORTS AT 8-MONTH LOW 01-09-2010
Japanese steel exports dropped by 13% month-on-month to 3.3 Mt in July, the lowest level since November 2009, according to the Japan Iron and Steel Federation. Despite the weaker performance, this is still 5% higher than the same month last year. Exports in the first seven months increased to 25.3 Mt from just 16.8 Mt in the corresponding period 2009. ... [more]

CHINA’S PMI RISE IN AUGUST 01-09-2010
The Purchasing Managers Index (PMI) for China increased slightly in August after falling for three consecutive months, standing at 51.7 compared with 51.2 in July, according to the China Federation of Logistics and Purchasing. This was the 18th straight month that the reading stood above the key level of 50 (any reading above 50 indicates an expansion in manufacturing activity). ... [more]

US WEEKLY DATA: DISTILLATE STOCKS FALL, BUT FURTHER BUILD IN CRUDE INVENTORIES 01-09-2010
After thirteen consecutive weeks of increases, that took inventories to their highest level in 28 years, US distillate stocks declined by 700 KB last week to 175.2 MB, according to the latest data from the EIA. Over the same period, distillate imports increased slightly, by 33 kb/d, to 196 kb/d. Meanwhile, mogas stocks decreased by 200 KB to 225.4 MB, with imports falling by 268 kb/d to an ... [more]

CHINESE STEEL PRICE EASE 31-08-2010
Data from world Steel Dynamics show that after climbing to a 3-month high of $614/t on 20 August, the recent rally in Chinese steel prices was already lost momentum. Chinese wire rod prices have eased to a 4-week low of $597/t, falling $17/t over the last week. ... [more]

CHINA’S CRUDE IMPORTS FROM ANGOLA DROP 31-08-2010
China’s crude imports from Angola, its largest supplier in 1H10, slumped 29% y-o-y in July to 536 kb/d, as its overall crude volumes fell in July for the first time in 16 months, reports Energy Intelligence. Volumes from Saudi Arabia, the new top supplier, fell 13% on the year to 965 kb/d, while those from Iraq and Oman were down 8% and 18% respectively. Imports from Venezuela surged to 227 kb/d, ... [more]

JULY MEXICAN CRUDE OUTPUT UP SLIGHTLY ON MONTH, EXPORTS ROCKET 27-08-2010
Mexican crude production reached 2.58 mb/d in July, a 27 kb/d increase from June, Energy Intelligence reports. The rise has been attributed to increased output at the offshore Ku-Maloob-Zaap field. Mexico’s crude exports rose by 276 kb/d over the same period to reach 1.39 mb/d in July, following the disruption to shipments caused by Hurricane Alex in June. ... [more]

TESTS BEGIN ON CHINA SPUR OF ESPO PIPELINE 27-08-2010
Russia is set to begin test operations on its new pipeline to China this weekend. The line, a spur off the existing ESPO pipeline that takes crude to the port of Kozmino, is planned to begin exporting 300 kb/d to China early in the new year. ... [more]

END OF MAINTENANCE AT EKOFISK FIELD SEES NORTH SEA OUTPUT RISE IN JULY 26-08-2010
Crude oil output from North Sea fields averaged 3.42 mb/d during July, a 261 kb/d increase from the month before, Argus reports. The rise is largely as a result of increased production at the Ekofisk field, where the end of scheduled maintenance allowed output to rise by 203 kb/d to 373 kb/d. Total Norwegian production increased by 292 kb/d to 1.88 mb/d, whilst UK output fell by 32 kb/d to 1.26 ... [more]

WORLD STEEL PRICES 25-08-2010
The world hot-rolled band export price has risen by $16/t (+3%) over the last month to a current $604/t, according to World Steel Dynamics. This represents the highest level since mid-June. However, the latest SteelBenchmarker shows that recent price rallies in China and the EU are already losing impetus. Chinese HRB prices have slipped to $521/t from a 2-month high of $527/t in mid-August, while ... [more]

US WEEKLY DATA: CRUDE RUNS CUT AS PRODUCT STOCKS BUILD 25-08-2010
According to the latest data from the EIA, crude runs at US refineries fell by 348 kb/d last week to reach an average of 14.89 mb/d, ensuring units were operated at 87.7% of total capacity, down from 90.0% the week before. Refiners have been forced to cut runs in the face of slowing demand and rising inventories. Distillate stocks reached 176.0 MB, a 1.8 MB build from the previous week, whilst ... [more]

FSU CRUDE EXPORTS UP 3.8% MONTH-ON-MONTH IN JULY 24-08-2010
Crude exports out of the Former Soviet Union averaged 6.99 mb/d in July, a 254 kb/d increase from the volumes exported in June, Argus reports. Shipments from Black Sea ports saw a hefty 399 kb/d mom rise, averaging 1.19 mb/d. Increases were also seen along the Druzhba pipeline (up 73 kb/d mom to 1.19 mb/d), via the CPC pipeline (up 64 kb/d mom to 753 kb/d), and, albeit marginally, through the BTC ... [more]

CHINA’S COAL IMPORTS BY SOURCE 24-08-2010
Chinese coal imports from Indonesia and Australia rose by 22% and 44% respectively in July from the previous month, according to Chinese customs data published by Reuters. China imported 4.5 Mt of coal Indonesia, while Australia was the second largest source, shipping 2.6 Mt. Long-haul imports from Colombia rose for the third consecutive month to a new record of 0.75 Mt in July. Trade data also ... [more]

JULY SOUTH KOREAN CRUDE IMPORTS UP YEAR-ON- YEAR, DOWN ON MONTH 23-08-2010
According to the latest statistics from KNOC (Korea National Oil Corp.), South Korea imported an average of 2.22 mb/d of crude oil in July. This represents a 5.5% increase from the same month in 2009, but a 1.3% decrease from the previous month’s shipments. Meanwhile, the country’s refineries processed 2.26 mb/d of crude last month, a 0.8% increase yoy, but a 2.4% decline from June. ... [more]

EXPORTS VIA BTC PIPELINE SET TO RISE IN SEPTEMBER 20-08-2010
Exports of crude oil from Ceyhan via the Baku-Tbilisi-Ceyhan (BTC) Pipeline are set to average 817 kb/d in September, up more than 6% from August’s scheduled shipments, Argus reports. The rise comes as Socar, the Azerbaijani state oil company, begins flows of as much as 40 kb/d of Turkmen crude along the line. ... [more]

CPC BLEND EXPORTS SET TO FALL IN SEPTEMBER 20-08-2010
Exports of CPC Blend from Novorossiysk are scheduled to fall by 8% in September to an average of 669 kb/d. Maintenance at the Karachaganak fields is being cited as the main reason behind the decrease. ... [more]

INDIA’S REFINING CAPACITY TARGETS 19-08-2010
Bharat Petroleum Corp. and other state-owned refiners are adding refining capacity in India to cater to surging demand in an expanding Indian economy, reports Dow Jones. BPCL is aiming to increase its annual refining capacity to 50 million tons over the next five years, from its current 24.5 million tons. It started commissioning its units at a new 6 million ton refinery which is expected to be ... [more]

US WEEKLY DATA: DISTILLATE STOCKS CONTINUE TO RISE 18-08-2010
According to the latest data from the EIA, US distillate stocks reached 174.2 MB by the end of last week, a 1.1 MB build from the week before, and the twelfth consecutive week of increases. Meanwhile, mogas inventories fell by 100 KB to 223.3 MB, and crude stocks decreased by 800 KB to 354.2 MB. Crude inputs at US refineries averaged 15.24 mb/d last week, a 172 kb/d rise from the week before, ... [more]

CHINESE DEMAND FOR WEST AFRICAN CRUDE AT 18-MONTH LOW IN SEPTEMBER 16-08-2010
Chinese buyers have purchased 665 kb/d of West African crude oil for September loading, a 225 kb/d decline from this month and 405 kb/d less than in July, Argus reports. This represents the lowest level of demand since March 2009, before the Chinese government’s implementation of stimulus measures. The fall in August was attributed to refinery maintenance in the country, but continuing declines ... [more]

IRON ORE AND COAL EXPORTS FROM AUSTRALIA 13-08-2010
Australian coking coal exports rose for the third consecutive month to a record monthly volume of 15.1 Mt in June. Exports of steam coal on the other hand have now reached to a year-to-date high of 12.0 Mt in the same month. As a result, total coal exports hit an all-time high of 27 Mt in June, according to the Australia Bureau of Statistics. June trade data also showed a marked increase in ... [more]

CHINESE REFINERY TURNAROUNDS SET TO REACH 2010 PEAK IN SEPTEMBER 13-08-2010
September will see 360 kb/d of Chinese refining capacity shut for maintenance; the highest level so far this year and 68 kb/d more than the previous peak in May, Argus reports. This follows 32 kb/d of shutdowns in July, and 284 kb/d this month. With state-guaranteed margins keeping refinery runs high, shutdowns have been less extensive in 2010 than last year. July saw runs at China’s refineries ... [more]

OPEC OUTPUT RISES IN JULY 12-08-2010
Combined crude oil production by the eleven OPEC member states (Iraq’s output does not currently count towards the organisation’s production target) rose by 190 kb/d last month to reach 26.98 mb/d, 2.14 mb/d above the group’s output quota, Argus reports. Nigerian production of 2.35 mb/d represents a 200 kb/d rise mom, as streams previously disrupted by rebel attacks came back online. Saudi Arabia ... [more]

IEA REVISES UP OIL DEMAND FORECAST 11-08-2010
Despite ongoing economic uncertainty, the International Energy Agency (IEA) has revised up its forecast for global oil demand for both this year and next. Demand in 2010 is seen at 86.6 mb/d, an 80 kb/d increase from the agency’s previous forecast, and representative of a 2.2% yoy increase. Demand in 2011 is revised higher by 50 kb/d and stands at 87.9 mb/d. ... [more]

US DISTILLATE STOCK SURGE 11-08-2010
According to the US Dept. of Energy, the country’s distillate stocks surged 3.5 MB last week to reach 173.1 MB, the highest level on record. At the same time, mogas stocks increased by 400 kb/d to 223.4 MB. Stockpiles of crude oil fell 3.0 MB to 355.0 MB. Crude imports fell by 188 kb/d on the week, averaging 9.44 mb/d, mogas imports declined 275 kb/d to 958 kb/d, whilst distillate imports jumped ... [more]

CHINA’S CRUDE IMPORTS FALL IN JULY 10-08-2010
China’s crude imports fell 3.2% year-on-year in July to 4.5 mb/d, having slumped 17.4% from the record high seen in June, according to the latest data from China Customs. The decline can partly be accounted for by a pipeline explosion in the port of Dalian mid-month which temporarily affected imports. Year-to-date volumes now average 4.75 mb/d, 24.5% higher on the year. Product imports were down ... [more]

CHINA’S PASSENGER CAR SALES 09-08-2010
Chinese passenger car sales fell for the fourth consecutive month in July, down by 9.3% from June to 946,200 units, according to the China’s Association of Automobile Manufacturers. Although July’s total marks a 13.6% year-on-year increase, it represents the slowest pace since March 2009. ... [more]

NW EUROPE MAINTENANCE SHUTDOWNS RISE IN SEPTEMBER 09-08-2010
Scheduled maintenance in NW Europe is set to be at its highest in September, when 370 kb/d, or 3.8% of capacity, is scheduled to be lost, while October will see 350 kb/d taken offline, reports Argus. In addition, refiners with no need of maintenance are running their units at less than 80% of capacity due to low returns on clean products following the rise in crude values. Gasoline has seen the ... [more]

JAPANESE JULY CRUDE IMPORTS DOWN 1.5% YEAR-ON-YEAR 06-08-2010
According to the latest data from the country’s Ministry of Economy, Trade and Industry, Japanese crude imports averaged 3.19 mb/d in July, down 1.5% from the same month in 2009 and 8% less than in May. Saudi Arabia remains the country’s main supplier, providing 981.5 kb/d, a 3.4% drop yoy. Kuwait (305.9 kb/d) saw its exports to Japan decline by 47.1%, whilst Qatar (437 kb/d), Russia (221.4 kb/d) ... [more]

RUSSIA PROPOSES GRAIN EXPORT BAN 05-08-2010
Russia is proposing a temporary ban on grain exports from 15 August to 31 December as a result of a severe drought and fires which have dramatically impacted the country’s wheat and barley crops, according to major media sources. In 2009/10 (July-June) Russia exported 18.3 Mt of wheat and, as recently as June, the International Grains Council had projected that exports would total 18.0 Mt in ... [more]

VENEZUELA REPAYING CHINESE LOAN WITH 200 KB/D OF CRUDE 05-08-2010
Venezuela is exporting approximately 200 kb/d of crude oil to China as repayment for the $20bn loan it received from the country in April, Bloomberg reports. The loan was received to finance development projects on the understanding that repayments would be made in oil over the next ten years. The shipments represent approximately half of Venezuela’s current crude exports to China. The South ... [more]

EXPORTS FROM RICHARDS BAY 04-08-2010
Coal exports from Richards Bay Coal Terminal surged to a 9-month high of 5.94 Mt in July, up by 48% month-on-month and 9% year-on-year, according to the RBCT website. However, this takes annualised exports this year to only 58.2 Mt, far below the new annual capacity of 91 Mt and requires a further acceleration in the 2h10 to equal last year’s export total of 61.2 Mt. ... [more]

US WEEKLY DATA: CRUDE STOCKS FALL, PRODUCTS BUILD 04-08-2010
After the previous week’s hefty increases, US crude stocks and imports fell last week, according to the latest data from the country’s Energy Information Administration. Crude inventories totalled 358.0 MB at the end of last week, a 2.8 MB fall from the week before, whilst imports averaged 9.63 mb/d, down 1.52 mb/d from the huge volumes shipped a week earlier. Crude throughputs increased by 113 ... [more]

NIGERIAN JULY CRUDE PRODUCTION UNCHANGED YEAR-ON-YEAR 03-08-2010
Crude oil output in Nigeria averaged 2.15 mb/d in July, unchanged from the same month last year, Argus reports. Crude reserves, however, have fallen 5% year-on-year, and currently stand at 38.8 billion barrels, according to the country’s Department of Petroleum Resources. The decline has been attributed to a reduction in exploration activity as a result of concerns over security in the Niger ... [more]

RUSSIAN SEABORNE CRUDE LOADINGS SET TO FALL IN AUGUST 02-08-2010
Seaborne exports of Russian crude oil are scheduled to average 2.83 mb/d in August, down 5.7% from July’s planned shipments, but up 2.4% year on year, Argus reports. Novorossiysk is set to load 838 kb/d, down 15.3% mom and 7.4% yoy, whilst total Black Sea shipments are scheduled at 1.06 mb/d, down 6.8% mom and 8.4% yoy. Primorsk loadings are planned at 1.29 mb/d, down 8.3% mom and 16.7% yoy, ... [more]

MEXICAN CRUDE OUTPUT FALLS IN JUNE 30-07-2010
Mexican crude oil production averaged 2.55 mb/d in June, a 1.8% fall from the month before, Energy Intelligence reports. The majority of the decline came from decreased offshore production, largely at the Cantarell field. Meanwhile, exports plunged by 481 kb/d (30%) to 1.11 mb/d. Pemex have attributed this dramatic fall to weather disruption caused by Hurricane Alex. ... [more]

INDIAN REFINERIES PROCESS 2.9% MORE CRUDE IN JUNE 29-07-2010
Indian refineries processed an average of 3.3 mb/d of crude oil in June, a 2.9% increase from the 3.21 mb/d processed during the same month in 2009, Dow Jones reports. The data does not include inputs at Reliance’s second refinery in Jamnagar, which has a capacity of 580 kb/d. The Indian Government had set a target of 3.17 mb/d in June. June saw the country’s refineries operate at 105.7% of ... [more]

US STEEL IMPORTS 28-07-2010
According to the American Iron and Steel Institute (AISI), US steel imports in June fell to 1.8 Mt from a 16-month high of 2.1 Mt in May. This brings imports in the 2q10 to 5.8 Mt, representing the highest quarterly total since 4q08. Total imports of finished steel in the 1h10 rose by 14% from the same period last year to 8.3 Mt. Most of the increase came from South Korea and Japan, total imports ... [more]

US WEEKLY DATA: CRUDE IMPORTS HIT SECOND HIGHEST LEVEL ON RECORD 28-07-2010
According to the latest data from the EIA, US crude imports reached 11.15 mb/d last week, a 1.18 mb/d increase from the week before and the highest level since July 2004, when a record 11.32 mb/d of crude was imported. As a result, the country’s crude inventories surged to 360.8 MB last week, a 7.3 MB increase from the previous week. Crude inputs at US refineries were largely unchanged, down 55 ... [more]

JUNE FSU CRUDE EXPORTS DOWN FOUR PERCENT FROM MONTH BEFORE 26-07-2010
Crude exports from the Former Soviet Union averaged 6.73 mb/d in June, a 281 kb/d decrease from the volume exported during May, Argus reports. Shipments from Black Sea ports fell by 323 kb/d to an average of 788 kb/d. Exports from the Baltic were reasonably stable, falling 37 kb/d month-on-month to an average of 1.65 mb/d. Volumes shipped from the Pacific port of Kozmino continued to rise, ... [more]

SOUTH KOREAN JUNE CRUDE IMPORTS UP 8% YEAR ON YEAR 23-07-2010
South Korean crude imports reached 2.25 mb/d in June, a 187 kb/d increase from the same month in 2009, Energy Intel reports. Saudi Arabia, the country’s main supplier, provided 630 kb/d, 69 kb/d more than a year earlier. Other notable increases came in the volumes shipped from Qatar (209 kb/d, up 108 kb/d), Russia (149 kb/d, up 73 kb/d), and Indonesia (120 kb/d, up 76 kb/d). There were ... [more]

ANGOLA CHINA’S TOP SOURCE OF CRUDE IN JUNE 22-07-2010
After Saudi Arabia’s brief return to the top of the list of China’s crude suppliers in May, June saw Angola regain its status as the country’s main import source. The West African country provided approximately 914 kb/d, a 24.0% increase year on year. Many countries from the Middle East Gulf also saw significant increases in the volumes shipped to China. Saudi Arabia provided 898 kb/d (up 25.0% ... [more]

US PRODUCT STOCKS BUILD AS REFINERY UTILISATION REACHES HIGHEST LEVEL IN NEARLY THREE YEARS 21-07-2010
US refineries were operated at 91.5% of total capacity last week, the highest level since August 2007, according to the latest data from the country’s Energy Information Administration. Crude inputs averaged 15.52 mb/d over the same period, up 48 kb/d from the week before. Mogas inventories reached 222.2 MB by the end of the week, a 1.1 MB increase from a week earlier. Distillate stocks increased ... [more]

CHINA’S COAL IMPORTS 20-07-2010
Coal imports from China rose by 10% month-on-month to 12.11 Mt in June, according to China Customs, although the month’s shipments were down by 25% from a year earlier. As a result, China imported 81 Mt of coal in the first half of 2010. This total represents a remarkable gain of 32.7 Mt (+68%) on the corresponding 2009 period, due to lower imports in the 1q09. ... [more]

CHINESE PRODUCT IMPORTS DOWN 14% YEAR ON YEAR 20-07-2010
According to the latest customs data, China imported 751 kb/d of petroleum products in June, a 125 kb/d decline from the same month in 2009. Fuel oil imports declined 125 kb/d to 521 kb/d, diesel by 44 kb/d to 20 kb/d and jet fuel by 32 kb/d to 89 kb/d. Meanwhile, exports of petroleum products fell by 67 kb/d to 535 kb/d. ... [more]

NORTH SEA PRODUCTION FALLS ON NORWEGIAN MAINTENANCE 19-07-2010
North Sea crude oil output averaged 3.01 mb/d during June, a 351 kb/d decline from production in May, Argus reports. The decline comes largely as a result of maintenance to the Ekofisk field in the Norwegian sector, where production fell to 110 kb/d last month, from 300 kb/d in May. Total production in the Norwegian sector fell 334 kb/d to an average of 1.59 mb/d. Output from UK fields remained ... [more]

JAPAN’S COAL IMPORTS 16-07-2010
Japan’s coal imports in May rose by 43% year-on-year to 16.7 Mt, the highest monthly volume since August 2008, according to trade data from the Ministry of Finance. Australia remained the largest supplier with shipments of 11.9 Mt, hitting an all-time high record. ... [more]

CHINESE REFINERY RUN GROWTH SLOWS IN JUNE 15-07-2010
China’s refineries processed 8.64 mb/d of crude oil in June, an 11% increase from the same month in 2009, Bloomberg reports. The increase represents the slowest rate of year-on-year growth since October 2009, when runs increased by 10%. The Chinese economy grew 10.3 percent y-o-y in 2q10, having grown 11.9% in the first. ... [more]

CHINA’S CRUDE STEEL PRODUCTION 15-07-2010
China’s steel production fell to a 4-month low of 53.8 Mt in June after hitting a record monthly volume of 56.1 Mt in May, according to the National Bureau of Statistics of China. Year-on-year growth fell sharply to 9% from over 20% in January-May, the lowest yearly increase since June 2009. Nevertheless, steel output in the first half of this year at 323.3 Mt, was still 57.1 Mt (+21%) above the ... [more]

GERMAN CRUDE STEEL PRODUCTION 14-07-2010
German steel production fell by 5% from the 23-month high of 4.1 Mt last month to 3.86 Mt in June, which also represents a 54% increase year-on-year, according to the German Steel Federation. Steel output in the first half of this year reached 23.33 Mt, a remarkable 9.5 Mt above the year-ago level. However, the 1h10 total is still lower than the 24.4 Mt produced in the same period of 2008. ... [more]

US WEEKLY DATA: FURTHER FALL IN CRUDE STOCKS, AS REFINERY INPUTS REACH TWO YEAR HIGH 14-07-2010
Following a similar draw the week before, US crude inventories fell a further 5.1 MB last week to reach 353.1 MB, according to the latest data from the country’s Energy Information Administration (EIA). The decline came as inputs of crude oil at the country’s refineries rose 241 kb/d to an average of 15.47 mb/d, their highest level since July 2008. Meanwhile, imports fell 132 kb/d to 9.28 mb/d. ... [more]

IEA FORECASTS 1.6% RISE IN GLOBAL OIL DEMAND DURING 2011 13-07-2010
In its latest Oil Market Report, the International Energy Agency (IEA) forecasts global oil demand in 2011 to average 87.8 mb/d, representative of a 1.3 mb/d (1.6%) increase year on year. Driving global growth in its entirety, non-OECD demand for 2011 is forecast at 42.5 mb/d, a 1.6 mb/d (3.8%) increase from anticipated demand this year. OECD demand is set to fall 200 kb/d (0.5%) over the same ... [more]

CHINESE CRUDE IMPORTS HIT NEW RECORD IN JUNE 12-07-2010
According to the country’s latest customs data, China imported an average of 5.49 mb/d of crude oil during June, a new record high and an increase of 31 kb/d from the previous high, reached in April. June’s imports were 1.26 mb/d higher than those of the month before, and represent a 1.43 mb/d increase year on year. ... [more]

OPEC PRODUCTION FALLS IN JUNE 09-07-2010
OPEC members produced a combined average of 29.12 mb/d during June, a 160 kb/d decrease from the month before, Platts reports. Saudi Arabia and Kuwait were the only members to see an increase in output last month, the former producing 8.27 mb/d, up 20 kb/d, and the latter 2.3 mb/d, a 10 kb/d increase. Nigeria saw output decline 40 kb/d to an average of 2.01 mb/d, whilst Iraqi production fell by ... [more]

US WEEKLY DATA: BIG FALL IN CRUDE STOCKS, MOGAS BUILDS 08-07-2010
The latest data from the US Energy Information Administration (EIA) reveal that the country’s crude inventories totalled 358.2 MB at the end of last week, a 5.0 MB fall from the week before. Crude imports fell 68 kb/d, averaging 9.41 mb/d, whilst crude inputs at the country’s refineries averaged 15.23 mb/d, a 135 kb/d increase over the same period. Refineries were operated at 89.8% of total ... [more]

IRAQI CRUDE EXPORTS RISE IN MAY 07-07-2010
Iraqi exports of crude oil averaged 1.89 mb/d during May, a 9.7% increase from the month before, Bloomberg reports. The country had previously seen three consecutive months of export declines as a result of bad weather and rebel attacks on infrastructure. The southern city of Basrah shipped 1.45 mb/d of May’s total exports, whilst the remaining 440 kb/d came from the Kirkuk field in the ... [more]

GLOBAL OIL DEMAND OUTSTRIPS SUPPLY IN JUNE 06-07-2010
Global oil demand averaged 86.79 mb/d during June, a 6 kb/d increase from May and a 2.03 mb/d increase from the same month the year before, Energy Intel reports. Meanwhile, global supply saw a 500 kb/d decline from the month before, averaging 86.70 mb/d in June. This represents a 2.35 mb/d increase year on year. The growth in demand is attributed to strong Chinese demand, the US driving season, ... [more]

RUSSIAN CRUDE OUTPUT REACHES NEW POST-SOVIET HIGH IN JUNE 05-07-2010
Russian production of crude oil and condensate averaged 10.13 mb/d in June, the highest level since the fall of the Soviet Union and up from 10.08 mb/d the month before, Dow Jones reports. The first half of the year saw Russia output average around 10.10 mb/d (249.43 million MT). ... [more]

MAY JAPANESE CRUDE IMPORTS RISE 1.8% YEAR ON YEAR 02-07-2010
Japanese imports of crude oil averaged 3.46 mb/d in May, a 60 kb/d (1.8%) increase from a year earlier, Energy Intel reports. Saudi Arabia (1.03 mb/d) and the UAE (769 kb/d) remain the country’s main suppliers, seeing little year on year change in their respective shipments. Qatari exports to Japan averaged 370 kb/d, down 127 kb/d (26%), but this decrease was offset by rises in imports from ... [more]

SCHEDULES SUGGEST JULY DROP IN RUSSIAN SEABORNE CRUDE EXPORTS 01-07-2010
Transneft, the Russian national pipeline operator, has scheduled seaborne crude exports of 2.84 mb/d in July, a 100 kb/d drop from scheduled shipments for this month, Energy Intel reports. Ultimately, however, exports should be higher as the loading programme for Gdansk has been delayed. Primorsk is set to export 1.42 mb/d next month, down 97 kb/d from June’s schedule. Exports from Novorossiysk, ... [more]

US WEEKLY DATA: CRUDE INVENTORIES DROP, PRODUCTS BUILD 30-06-2010
According to the latest data from the EIA, US stocks of crude oil reached 363.1 million barrels by the end of last week, an increase of 2.0 million barrels from the week before. Imports of crude oil fell by 631 kb/d to reach an average of 9.49 mb/d. Inputs of crude oil at the country’s refineries averaged 15.09 mb/d, a 98 kb/d decrease from a week earlier, as refinery utilisation fell by 1.0% to ... [more]

JAPANESE REFINERY RUNS AT LOWEST LEVEL IN OVER THREE YEARS 29-06-2010
Japanese refineries were operating at 61.5% of total capacity during the week ending 19 June, the lowest level since recording of operating rates began, Argus reports. The week in question saw throughputs average 2.9 mb/d, an 8% decrease from a month earlier, as sluggish domestic demand and maintenance took their toll. ... [more]

KIRKUK EXPORTS TO RISE IN JULY 29-06-2010
Exports of Iraqi Kirkuk crude from the Turkish port of Ceyhan are set to exceed 400 kb/d in July, up from 350 kb/d in June. This month saw a ten day interruption to shipments of Kirkuk after a pipeline carrying the grade developed a leak. ... [more]

SAUDI ARABIA REGAINS STATUS AS CHINA’S MAIN CRUDE SUPPLIER IN MAY 28-06-2010
Saudi Arabia provided China with an average of 886 kb/d of crude oil during May, a 233 kb/d increase from the same month last year and enough to ensure that the country overtook Angola as China’s main provider, Energy Intel reports. Angola supplied China with an average of 751 kb/d in May, a 268 kb/d increase year on year. Brazil was the other country to see a particularly large increase in the ... [more]

SOUTH KOREAN CRUDE IMPORTS SURGE DURING MAY 25-06-2010
South Korea imported an average of 2.45 mb/d of crude oil during May, a 453 kb/d increase (22.6%) from the same month last year, Energy Intel reports. The rise comes largely as a result of increased refinery runs, and thus buying, from GS Caltex. The Middle East provided 2.05 mb/d of the Republic’s crude last month, up 20.2% from a year earlier, whilst imports from Asia-Pacific averaged 230 kb/d, ... [more]

SOUTH KOREAN COAL IMPORTS FALL TO AN 11-MONTH LOW 24-06-2010
Coal imports into South Korea fell to an 11-month low of 8.5 Mt in May after hitting a record monthly volume of 10.3 Mt in April, according to trade data. Imports in the first five months of the year were 46.8 Mt, up by 7.7 Mt on the same period last year. Over this period, shipments from Indonesia surged by 6.6 Mt from the year-ago level to 17.2 Mt, whereas imports from Australia fell from 19.3 ... [more]

MEXICAN CRUDE IMPORTS REACH HIGHEST LEVEL IN OVER TWO YEARS DURING MAY 24-06-2010
Mexican exports of crude oil during May averaged 1.59 mb/d, their highest level since March 2008, Dow Jones reports. May’s volumes represent a 289 kb/d increase from the month before, and a 418 kb/d increase year on year. Explaining the surge, Pemex, Mexico’s state oil company, stated that refinery maintenance locally and in the US during the early part of the year had led to a build in crude ... [more]

US WEEKLY DATA: CRUDE STOCKS BUILD AS IMPORTS JUMP 23-06-2010
According to the latest data from the US Energy Information Administration (EIA), the country’s stocks of crude oil increased by 2.0 million barrels last week, reaching 365.1 million barrels. Imports of crude oil averaged 10.11 mb/d last week, an increase of 413 kb/d from the week before. Inputs of crude at US refineries rose by 77 kb/d to an average of 15.19 mb/d over the same period. Units were ... [more]

CHINA’S IRON ORE IMPORTS BY SOURCE 22-06-2010
Chinese iron ore imports from Australia remained relatively high levels in May, up by 2.4 Mt (+12%) month-on-month to 22.4 Mt, according to official customs figures. By comparison, imports from Brazil slipped to 8.3 Mt, the lowest level since February 2009. At 10.5 Mt May shipments from India are down 2.4 Mt on April, but up by 1.8 Mt on the same month last year. ... [more]

CHINA’S COAL IMPORTS BY SOURCE 22-06-2010
Chinese coal imports from Indonesia fell by 44% to a 9-month low of 2.76 Mt. Despite this monthly fall, imports from Indonesia in January-May this year are running at an annualised rate of 64.3 Mt, far ahead of the 30.5 Mt shipped in the whole of 2009, whereas shipments from Australia rose by 20% from the previous month to 2.4 Mt, according to official trade data. Imports from Colombia and the ... [more]

MORE WEST AFRICAN CRUDE TO HEAD EAST IN JULY 22-06-2010
Asia-Pacific refineries are scheduled to receive over 1.68 mb/d of West African crude in July, an increase of 130 kb/d from this month’s scheduled deliveries, Argus reports. The rise comes on the back of strong Chinese and Indian demand, with Chinese buying exceeding 1.0 mb/d, up 180 kb/d month on month, and Indian refiners taking 520 kb/d, a 40 kb/d increase over the same period. ... [more]

NORTH SEA CRUDE PRODUCTION DOWN IN MAY 21-06-2010
North Sea crude production averaged 3.50 mb/d in May, an 84 kb/d decline from April’s output, Argus reports. Production in the Norwegian sector averaged 1.93 mb/d in May, the lowest level for six months and 33 kb/d less than volumes produced during the preceding month. Output from UK fields averaged 1.31 mb/d last month, a 51 kb/d decline month on month, as production of Forties Blend fell 43 ... [more]

CPC BLEND EXPORTS TO RISE IN JULY 18-06-2010
Shipments of CPC Blend from Novorossiysk are scheduled to average 689 kb/d in July, a 4.5% increase from scheduled exports this month, Argus reports. The rise comes after planned exports in June reached their lowest level since September 2008 as a result of disruption to production at the Tengiz fields, the crude from which forms the main component of CPC Blend. ... [more]

AVERAGE GLOBAL REFINERY UTILISATION RATES IN 2009 LOWEST FOR FIFTEEN YEARS 17-06-2010
At an average of 81% of total capacity, global refinery utilisation rates fell to their lowest level in 15 years last year, according to BP’s latest Statistical Review of World Energy. Inputs at the world’s primary distillation units averaged 73.51 mb/d, a 1.47 mb/d decline year on year, which, coupled with the addition of 1.96 mb/d of capacity worldwide, ensured that global spare capacity in ... [more]

ONE OF GERMAN STEELMAKER CUT PRODUCTION IN 3Q10 17-06-2010
Europe’s second largest steelmarker ThyseenKrupp Stahl (TKS) has announced it will reduce 10% of finished steel (hot strip) production in the 3q10 to allow maintenance in Bochum and Duisburg, Bloomberg reported. In 2009, TKS produced 11 Mt of crude steel. ... [more]

US WEEKLY DATA: MOGAS STOCKS DOWN, CRUDE BUILDS 16-06-2010
The latest weekly data from the US EIA reveals that the country’s stocks of crude oil grew by 1.69 million barrels to reach 363.11 million barrels by the end of last week. Crude imports averaged 9.70 mb/d, a 164 kb/d rise from the week before. Mogas inventories totalled 218.34 million barrels, down 636 thousand barrels, whilst imports saw a slight rise of 50 kb/d to reach an average of 838 kb/d. ... [more]

DROP IN WORLD HRB PRICE 16-06-2010
According to the latest SteelBenchmarker issued by World Steel Dynamics, the world export price for hot rolled band steel fell by $59/t (-9%) from end-May to $625/t, the lowest level since end- February 2010. HRB prices in the USA (-4% or $32/t to $728/t), China (-3% or $18/t to $517/t) and EU (-2% or $17/t to $711/t) all declined. Together with rising in quarterly iron ore and coking coal ... [more]

RUSSIAN CRUDE PRODUCTION DOWN IN MAY 15-06-2010
Russian crude output averaged 9.99 mb/d in May, down from 10.01 mb/d the month before, but up 2.2% year on year, reports Argus. Seaborne exports fell accordingly last month, down 4.9% to an average of 2.91 mb/d. However, exports via the Transneft pipeline system to destinations outside of the former Soviet Union saw a 90 kb/d increase from April, averaging 3.97 mb/d in May. ... [more]

MAY SHIPMENTS FROM PORT HEDLAND RISE 15-06-2010
Iron ore shipments from Port Hedland in West Australia rose by 3% to 15.02 Mt in May, according to port authority figures. China remained the largest destination with shipments of 9.98 Mt in May, down by 8% month-on-month. In contrast, exports to Japan and South Korea in the same month were up by 51% and 22% respectively, at 2.4 Mt and 1.70 Mt. ... [more]

US COAL EXPORTS CLOSE TO 13-YEAR HIGH 14-06-2010
US coal exports in April (excluding shipments to Canada) stood above 6 Mt for the first time since September 1997, trade data shows. Steam coal exports in April rose to a 6-month high of 1.3 Mt, while coking coal exports in April dropped by just 0.1 Mt from the previous high of 4.8 Mt in March to 4.7 Mt, compared with 1.3 Mt in the same month last year. ... [more]

BTC BLEND EXPORTS SET TO FALL IN JULY 14-06-2010
Exports of BTC Blend from the Turkish port of Ceyhan are set to average 839 kb/d in July, a 3.2% decline from the 827 kb/d scheduled for export this month, Argus reports. June’s exports will, however, be added to by the arrival at Ceyhan of 40 kb/d of Azeri Light, the main component of BTC Blend, diverted from the Georgian port of Supsa as it undergoes maintenance work. ... [more]

FSU EXPORTS TO THE US RISE 11-06-2010
FSU crude exports to the US were up 9.5% yoy in Jan-Mar at 242 kb/d due to rising Russian Pacific-loading crude shipments to the USWC and higher Urals purchases by US firm Valero, destined for the USG, reports Argus. Cargoes from the new ESPO Blend have been shipped to Hawaii and the US mainland, and US demand for Sakhalin and Sokol grades has also grown. Russian shipments to the US were up 16.3% ... [more]

CHINA’S IRON ORE IMPORTS FALL, STEEL EXPORTS HIT A 20-MONTH HIGH 10-06-2010
May imports of iron ore into China fell for the second consecutive month, down by 3.43 Mt (-6%) month-on-month and 1.56 Mt (-3%) year-on-year to 51.9 Mt, according to preliminary data from China Customs. This lifted the January-May import total to 262.24 Mt, compared with 241.93 Mt in the same period last year. Currently, imports in the first five months of this year are only 1.2 Mt above of 2009 ... [more]

US WEEKLY DATA: MOGAS STOCKS UNCHANGED DESPITE START OF DRIVING SEASON & DROP IN IMPORTS 09-06-2010
According to the latest data from the Energy Intelligence Administration (EIA), US stocks of mogas fell by just 8 kbbl last week to a total of 219.0 Mbbl, despite the start of the driving season and a 166 kb/d fall in imports, which averaged 788 kb/d. Distillate stocks saw a 1.84 Mbbl build, totalling 154.8 Mbbl by the end of the week, whilst imports averaged 236 kb/d, a slight increase of 25 ... [more]

DRY BULK NEWBUILDING DELIVERIES DROP TO A 5-MONTH LOW 08-06-2010
According to SSY’s latest data, dry bulk carrier newbuilding deliveries fell for the second consecutive month in May, down to 4.1 Mdwt from 5.9 Mdwt in April, compared with a record high of 7.2 Mdwt set in January. At just 6 vessels, Panamax deliveries were at their lowest since December as new Chinese yards struggled to meet their schedules. ... [more]

JAPANESE CRUDE IMPORTS UP YEAR ON YEAR FOR SECOND MONTH IN ROW 08-06-2010
Japan crude oil imports averaged 3.83 mb/d in April, an 8.7% increase year-on-year and the second consecutive month of annualised growth, Energy Intel reports. Saudi Arabia remains the country’s main supplier by some distance, providing an average of 1.20 mb/d in April, an 18% increase from a year earlier. Meanwhile, imports of ESPO Blend from Kozmino saw Japan increase the volumes it receives ... [more]

RICHARDS BAY COAL TERMINAL COAL EXPORTS 07-06-2010
According to official data from Richards Bay Coal Terminal, coal exports from the terminal in May rose from an 11-month low of 3.92 Mt in March to 4.57 Mt, posting an increase of 0.77 Mt from a year earlier. Exports in the first five months reached 23.96 Mt, an increase of 1.44 Mt on the corresponding period last year. As a result, annualised exports this year are now just 57.72 Mt which compared ... [more]

FIELD MAINTENANCE SEES CPC EXPORTS DOWN IN JUNE 07-06-2010
June exports of CPC Blend from Novorossiysk are expected to average 660 kb/d, a 95 kb/d decline from last month’s scheduled loadings and the lowest level since September 2008, Argus reports. The hefty decline comes as a result of maintenance at Kazakh fields and some buyers have suggested that June’s exports could even fall to as little as 570 kb/d. Overall crude loadings at Novorossiysk this ... [more]

JAPAN’S IRON ORE IMPORTS IN APRIL 04-06-2010
Japan’s iron ore imports edged lower from the previous month to 11.6 Mt in April, but were up by a massive 78% year-on-year. This represents the second highest monthly volume since November 2008. As a result, imports in the first four months of 2010 totalled 44 Mt, compared with 29 Mt in the same period last year. ... [more]

RUSSIAN SEABORNE CRUDE EXPORTS SET TO FALL IN JUNE 04-06-2010
June is set to see seaborne exports of Russian crude fall by 4.9% from last month to an average of 2.91 mb/d, as an increase in export duty has hit margins, Argus reports. Exports from Novorossiysk are scheduled to average approximately 782 kb/d this month, down 5.1% from May, whilst total Black Sea shipments will fall 13.9% to 895 kb/d. Exports from Primorsk are set to remain relatively stable ... [more]

GLOBAL OIL SUPPLY CONTINUES TO OUTPACE DEMAND 04-06-2010
The latest data from Energy Intelligence suggest that global oil demand averaged 85.49 mb/d in May, down 360 kb/d from April, but a 2.39 mb/d increase year on year. Global supply, however, continues to outpace that of demand, last month averaging 86.38 mb/d, a 130 kb/d decline from a month earlier, but 2.91 mb/d greater than the same period in 2009. ... [more]

AUSTRALIAN IRON ORE AND COAL EXPORTS REBOUND 03-06-2010
Some 34.2 Mt of iron ore (wet basis) were exported from Australia in April, representing a 19% increase year-on-year, according to the Australian Bureau of Statistics. Most of the monthly rise was due to increased exports to China, which rose to a 4-month high of 23.9 Mt. Exports in the first four months reached 132.8 Mt, compared with 111.9 Mt in the corresponding period last year. April ... [more]

US WEEKLY DATA: CRUDE & MOGAS INVENTORIES BOTH DOWN 03-06-2010
The latest data from the EIA reveals that US stocks of crude oil fell by 1.9 Mbbl last week to reach 363.2 Mbbl. At the same time, mogas stocks declined 2.6 Mbbl to a total of 219.0 Mbbl. Distillate inventories were reasonably stable, rising 500 kbbl to 153.0 Mbbl. Crude imports fell by 473 kb/d from the week before to an average 9.46 mb/d, whilst crude inputs at the country’s refineries were ... [more]

CAPACITY OF BTC PIPELINE TO INCREASE 03-06-2010
The Azerbaijani energy ministry has announced plans to increase capacity of the BTC (Baku-Tbilisi-Ceyhan) pipeline from its current 1.2 mb/d to 1.6 mb/d by 2011, Dow Jones reports. According to the ministry, Azerbaijan’s oil exports are expected to average 891 kb/d this year. ... [more]

APRIL CRUDE RUNS AT INDIAN REFINERIES UP 5.3% YEAR ON YEAR 02-06-2010
April saw Indian refineries process 3.21 mb/d of crude oil, a 160 kb/d, or 5.3%, increase from the same month in 2009, Dow Jones reports. The increase in processed volumes ensured that crude imports to the country increased by 6.6% to approximately 2.87 mb/d. India’s burgeoning economy has led to greater domestic petroleum product demand, with total sales increasing 3.8% y-o-y to 12.13 million MT ... [more]

UK IRON ORE IMPORTS 02-06-2010
According to Customs Statistics, iron ore imports by the UK in March edged higher from the previous month to 0.99 Mt. Imports in the 1q10 of 2.8 Mt were more than double same period last year. However, this is still far below pre-recession import levels. For example, the UK imported 4.7 Mt in the 1q07. ... [more]

UK COAL IMPORTS FALL TO A 7-MONTH LOW IN MARCH 02-06-2010
UK coal imports in March fell by 0.3 Mt (-14%) month-on-month and 1.9 Mt (-50%) year-on-year to 1.9 Mt, the lowest monthly volume since August 2009, according to Customs Statistics. As a result, imports in the 1q10 reached 6.4 Mt, a decline of 48% on the corresponding period last year. ... [more]

ANGOLA REMAINS PRIMARY SOURCE OF CHINESE CRUDE IMPORTS IN APRIL, SAUDI VOLUMES DOWN 01-06-2010
Angola provided 1.05 mb/d of crude oil to China during April, a 181% increase year on year, Energy Intel reports. Volumes imported from Saudia Arabia, the country’s second largest supplier, fell by 17% from a year earlier to an average of 755 kb/d, whilst imports from Iran fell by 21% y-o-y to 424 kb/d. Elsewhere, Iraq, Kazakhstan and Brazil all saw hefty year on year increases in the volumes ... [more]

INDIA’S IRON ORE SPOT PRICE FALLS 01-06-2010
The spot FOB price of Indian iron ore has fallen for a fifth consecutive week, according to data from U-Metal. The price (with Fe-content of 63.5%) slipped by $7/t week-on-week to an 11-week low of $121/t, compared with the year-to-date high of $166/t set in late April. This took the delivered price in China to $147/t, the lowest level since mid-March. ... [more]

BRAZIL’S STEEL EXPORTS HIT A 7-MONTH HIGH 28-05-2010
Brazil’s steel exports rose by 46% month-on-month and 19% year-on-year to 0.77 Mt in April, the highest monthly volume since September 2009. This lifts the export total for the first four months to 2.6 Mt, compared with 2.0 Mt in the same period last year, according to the latest trade data. ... [more]

S. KOREA’S IMPORTS STABLE IN APRIL 28-05-2010
S. Korea’s crude imports dipped 0.2% yoy in April to 2.34m b/d, despite imports from top supplier Saudi Arabia jumping 21% to 794k b/d, reports Energy Intelligence. Shipments from the UAE were up 18.1% at 327k b/d, whilst those from Kuwait and Iran fell 26.1% and 11.9% to 207k b/d and 280 kb/d respectively. Volumes from Indonesia more than doubled to 107 kb/d, while Russian shipments surged 87.5% ... [more]

WORLD HRB STEEL PRICES FALL 27-05-2010
According to World Steel Dynamics, the world hot-rolled band price fell by $34/t (-5%) month-on-month to $684/t end-May, the lowest level since end-March. The decline in the global price was led by a monthly fall of $39/t (-7%) in China to $535/t. Meanwhile, the HRB price in the USA and the EU both slipped, down by $12/t and $14/t, respectively, to $760/t and $728/t. Despite the latest downward ... [more]

JAPANESE APRIL CRUDE IMPORTS RISE YEAR ON YEAR 27-05-2010
According to a preliminary trade report from the country’s finance ministry, Japanese imports of crude oil increased 4.3% yoy last month, reaching an average of 4.14 mb/d, reports Bloomberg. The trade ministry has revealed that domestic demand for refined oil products in March increased 0.3% yoy, the third consecutive month of increases. ... [more]

US STEEL IMPORTS AT 15-MONTH HIGH 26-05-2010
According to the American Iron and Steel Institute, US steel imports rose for the third consecutive month to 1.88 Mt in April. This represents the highest monthly import volume since January 2009. As a result, imports in the first four months reached 6.7 Mt, a rise of 10% on the corresponding period last year. ... [more]

US WEEKLY DATA: FURTHER BUILD IN CRUDE STOCKS, MOGAS IMPORTS UP 26-05-2010
According to the latest summary from the US Energy Information Administration (EIA), crude inventories increased by 2.4 Mbbl last week to 365.1 Mbbl. Crude imports rose slightly, by 99 kb/d, to an average of 9.93 mb/d, whilst crude inputs at refineries fell by 107 kb/d to an average of 15.09 mb/d. Refinery utilisation was stable at 87.8% of operable capacity, a 0.1% drop from the week before. ... [more]

CRUDE PRICES DROP AS EUROPEAN FEARS PERSIST 25-05-2010
Continuing fears surrounding the debt crisis in Europe saw further losses in the crude oil markets today, Reuters reports. Front month prices on the New York Mercantile Exchange (NYMEX) were down $2.0/bbl (2.85%) to $68.21/bbl at 1016 EDT on Tuesday, although data suggesting a rise in US consumer confidence this month later prompted a slight rebound. ICE Brent saw even greater losses, falling ... [more]

APRIL SOUTH KOREA COAL IMPORTS AT RECORD 25-05-2010
Coal imports into South Korea reached a monthly all-time high of 10.3 Mt in April, largely as a result of steam coal imports hitting a record level of 7.7 Mt, according to trade data. Combined coal imports into South Korea for the first four months of the year were 38.3 Mt, up 6.6 Mt on the same period last year. Over this period shipments from Australia fell from 15.8 Mt in Jan-Apr 2009 to ... [more]

FSU CRUDE EXPORTS UNCHANGED IN APRIL 24-05-2010
Crude exports from the former Soviet Union averaged 6.82 mb/d in April, and were unchanged from the month before, reports Argus. Black Sea exports averaged 1.02 mb/d, down 35 kb/d from March, shipments from the Baltic edged down 43 kb/d month on month to reach 1.55 mb/d, whilst loadings at Kozmino increased slightly from 295 kb/d in March to 315 kb/d last month. Shipments along the Druzhba ... [more]

INDIAN IRON ORE SPOT PRICES SLIP TO A 2-MONTH LOW 24-05-2010
The FOB price for iron ore with Fe-content of 63.5% fell for the fourth consecutive week, down by $22/t (-15%) week-on-week to $128/t, the lowest level since mid-March, according to data from U-Metal. This took the delivered price in China to $153/t, compared with the year-to-date high of $188/t just four weeks earlier. ... [more]

CHINESE 2010 YTD PRODUCT EXPORTS UP 52% YEAR ON YEAR 21-05-2010
The first four months of 2010 have seen China export a total of 9.50 million MT of petroleum products, a 52% increase from the same period last year. The rise comes as domestic demand fails to keep up with output from the country’s refineries, the overall capacity of which has been significantly increased over the last year. Gasoline exports over the four month period totalled 2.10 million MT (up ... [more]

ARGENTINA’S CORN EXPORTS SURGE 21-05-2010
According to the latest data from the International Grains Council (IGC), Argentina’s corn exports in April rose by 16% month-on-month to 2.12 Mt, the highest monthly volume since July 2008. This lifted the January-April total to a 25-year high of 6 Mt, compared with 3.3 Mt in the same period last year. ... [more]

CHINESE APRIL OIL DEMAND UP SIGNIFICANTLY YEAR ON YEAR 20-05-2010
China’s apparent oil demand averaged 8.43 mb/d in April, according to Platts, a 12.7% increase from the same month in 2009. With many units returning from maintenance, Chinese refineries processed an average of 8.41 mb/d of crude over the same period, a new record level and about a 17% increase year on year. ... [more]

US WEEKLY DATA: CRUDE STOCKS STEADY ALONG WITH INPUTS AND IMPORTS 19-05-2010
According to the latest data from the US Dept. of Energy, the country’s crude inventories totalled 362.7 Mbbl at the end of last week, a 200 Kbbl drop from the week before. Imports increased by 142 kb/d over the same period to reach 9.83 mb/d, whilst inputs at US refineries declined 156 kb/d to 15.19 mb/d. Refineries were utilised at 87.9% of total capacity, a 0.5% drop from the week before. ... [more]

GAP BETWEEN GLOBAL OIL SUPPLY AND DEMAND WIDENS IN APRIL 18-05-2010
Global oil demand averaged 86.05 mb/d in April, 440 kb/d less than in March, Energy Intel reports. At the same time, global supply also fell month on month, but only by 70 kb/d to 86.61 mb/d, Energy Intelligence reports. Demand is deemed to have grown 1.63 mb/d from a year earlier as the world emerges from recession, albeit at a varying rate. OECD demand remained stable year on year at 44.8 mb/d ... [more]

EASTBOUND LOADINGS OF WEST AFRICAN CRUDE SET TO FALL IN MAY 17-05-2010
Asia-Pacific buyers purchased 1.53 mb/d of west African crude for May loading, a 210 kb/d decline from the April volume, Argus reports. Chinese buyers took 860 kb/d for loading this month, a 150 kb/d decrease from April, whilst Indian refiners purchased 490 kb/d, down 50 kb/d month-on-month. The declines arose from poor arbitrage economics and increasing local output. ... [more]

PORT HEDLAND IRON ORE EXPORTS IN APRIL 14-05-2010
Iron ore shipments from Port Hedland slipped by 2% month-on-month to 14.6 Mt in April. However, the April total still represents a 29% increase year-on-year, official data showed. China remained the largest destination with shipments of 10.90 Mt in April with monthly growth of 1.3 Mt. However, shipments to Japan slipped by 0.3 Mt from March to 1.6 Mt. Meanwhile, shipments to South Korea fell by ... [more]

BTC BLEND EXPORTS SET TO FALL IN JUNE 14-05-2010
June is scheduled to see exports of BTC Blend from the Turkish port of Ceyhan fall more than 6% month-on-month to an average of 827 kb/d, Argus reports. Exports along the BTC (Baku-Tbilisi-Ceyhan) pipeline remain absent of Tengiz crude, as the dispute between Tengizchevroil and the BTC consortium over tariffs remains unresolved. As a result, the blend will be made up of Azeri Light and Azeri ... [more]

OPEC PRODUCTION STABLE IN APRIL AS QUOTA DISCIPLINE REMAINS POOR 13-05-2010
OPEC members (excluding Iraq) produced an average of 26.72 mb/d of crude oil in April, an unchanged rate from the month before, Argus reports. Saudi Arabia increased its output by 50 kb/d m-o-m to an average of 8.15 mb/d. This helped offset a 90 kb/d maintenance induced decrease in Nigerian production, which averaged 2.01 mb/d last month. Iranian output also fell slightly, from 3.78 mb/d to 3.75 ... [more]

US WEEKLY DATA: CRUDE STOCKS BUILD AS INPUTS FALL, MOGAS STOCKS DOWN 12-05-2010
The latest summary of weekly petroleum data from the US Dept. of Energy reveals crude oil stocks of 362.5 Mbbl at the end of last week, a 1.9 Mbbl increase from the week before. Crude inputs at the country’s refineries declined by 110 kb/d to reach an average of 15.04 mb/d last week, whilst imports fell by 264kb/d over the same period to an average of 9.69 mb/d. Mogas stocks fell by 2.8 Mbbl to ... [more]

IEA REVISE DOWN 2010 GLOBAL OIL DEMAND FORECAST 12-05-2010
In its latest Oil Market Report, the International Energy Agency has revised down its 2010 forecast for global oil demand by 190 kb/d, so that it now stands at 86.4 mb/d. The agency forecasts global refinery crude runs of 73.3 mb/d in 2010, a 370 kb/d upward revision from its last report. ... [more]

CHINESE DEMAND LIFTS USDA SOYA TRADE FORECASTS 12-05-2010
The US Department of Agriculture (USDA) has sharply lifted its forecast for China’s soyabean imports by 2.5 Mt from April’s estimate to 46 Mt in the 2009/10 (Oct-Sep) trading year. As a result, world soya (bean+meal) trade is predicted to increase 3 Mt on previous estimate to 140.4 Mt in 2009/10. In its initial projection, USDA expects world soya trade in 2010/11 to rise by 4.1 Mt on this year to ... [more]

CHINESE CRUDE IMPORTS HIT NEW RECORD IN APRIL 11-05-2010
China’s crude imports surged 31% yoy in April to another new record high of 5.18 mb/d, having risen 3.9% from March, according to preliminary data from China Customs. Year-to-date volumes are now up 37% at an average rate of 4.77 mb/d. Product imports were down 7.8% yoy at 834 kb/d, despite rising 9.4% from March. The country has been increasing imports over recent months as it ramps up refinery ... [more]

OPEC REVISES 2010 GLOBAL OIL DEMAND GROWTH FORECAST UP SLIGHTLY 11-05-2010
In its latest monthly report, OPEC forecasts growth in global oil demand of 950 kb/d in 2010, an upward revision of 50 kb/d from it last report. Global oil demand for the year is now forecast at 85.38 mb/d. ... [more]

MAINTENANCE LEADS TO BIG DROP IN JUNE NORTH SEA OUTPUT 10-05-2010
Scheduled production of the four major North Sea crude oils will see a collective 20% month-on-month fall to an average of 965 kb/d in June, Dow Jones reports. The decline is largely as a result of maintenance in the Brent and Ekofisk fields, where output is set to decline from 194 kb/d to 123 kb/d, and from 382 kb/d to 118 kb/d respectively. Forties production is in fact set to increase from 484 ... [more]

JAPAN’S CRUDE IMPORTS RISE IN MARCH 07-05-2010
Japan’s crude imports rose 6.4% in March yoy to almost 4.04 mb/d, having risen 7.4% from February, reports Energy Intelligence. As a result, imports in the 1Q10 averaged nearly 3.97 mb/d, relatively unchanged on the year. Imports from Kuwait and Iran fell 96 kb/d and 100 kb/d respectively yoy, but these declines were offset by increases from Iraq and Oman of 80 kb/d and 106 kb/d respectively. ... [more]

RICHARDS BAY COAL EXPORTS IN APRIL 07-05-2010
Richards Bay Coal Terminal coal exports in April fell to an 11-month low of 3.92 Mt, down by 31% month-on-month and 14% year-on-year, according to Richards Bay Coal Terminal. This takes annualised exports this year to 58.77 Mt which compares with the new annual capacity of 91 Mt following the completion of the Phase V expansion programme. ... [more]

GLOBAL OIL DEMAND RISES ON THE YEAR 06-05-2010
Global oil demand was up 1.46 mb/d in April y-o-y, despite falling 760 kb//d from March to 86.04 mb/d, reports Energy Intelligence. OECD demand was down 217 kb/d on the month, however, the developing world saw growth of 1.68 mb/d. European demand slumped another 454 kb/d in April, on top of the 850 kb/d decline in the 1Q10, due to poor economic conditions and the structural shift toward greater ... [more]

US OIL STOCKS RISE 05-05-2010
US crude stocks rose 2.8 mbbl last week to 360.6 mbbl following a 270 kb/d rise in imports to 9.95 mb/d, according to the latest data from the US Department of Energy. Gasoline inventories were up 1.2 mbbl at 224.9 mbbl after imports increased 164 kb/d to 1.15 mb/d, double the level seen four weeks ago. Distillate stocks were up 0.6 mbbl at 152.4 mbbl as imports dipped 28 kb/d to 224 kb/d. ... [more]

CHINA CONSTRUCTION STEEL PRICE FALLS 04-05-2010
China wire rod prices fell for the second consecutive week, down by $14/t from the previous week to $622/t. Despite the recent declines, however, wire rod prices are still 29% above the year-ago level. ... [more]

CHINA’S OIL DEMAND REMAINS HIGH 04-05-2010
China’s apparent oil demand remained above 9 mb/d in March, with net crude imports up nearly 150 kb/d m-o-m to over 4.9 mb/d and net product imports down almost 50% at 214 kb/d, reports Argus. Refinery processing rates were down 180 kb/d m-o-m at 8.1 mb/d due to maintenance shutdowns. Refinery runs are expected to rise to 8.4 mb/d in April. The country remained a net exporter of transport fuels ... [more]

RUSSIAN SEABORNE CRUDE EXPORTS TO RISE IN MAY 30-04-2010
The latest port loading programmes from Transneft reveal that Russian seaborne crude exports are set to reach 3.13 mb/d in May, a 151 kb/d increase from April’s scheduled loadings, Energy Intel reports. Primorsk is set to ship 1.51 mb/d next month, 71 kb/d more than planned for April, Novorossiysk’s programme sees loadings of 851 kb/d, a 58 kb/d m-o-m increase, and 189 kb/d are due to be exported ... [more]

US GOVT. BANS NEW OFF-SHORE DRILLING IN WAKE OF SPILL 30-04-2010
The US government has placed a ban on off-shore drilling in new areas whilst the oil spill off the coast of Louisiana is investigated. The spill, which resulted from the sinking of the BP-leased drilling rig “Deepwater Horizon”, has now reached the shore. It is estimated that as much as 5 kb/d are currently spilling into the water. ... [more]

FSU PRODUCT EXPORTS FALL IN MARCH 29-04-2010
Product exports from the Former Soviet Union averaged 2.65 mb/d, a 107 kb/d decrease from February and down 49 kb/d y-o-y, Argus reports. Exports of gasoil fell by 155 kb/d from a month earlier, gasoline by 78 kb/d and naphtha by 50 kb/d. There were also declines in shipments of VGO and jet fuel. Fuel oil exports rose by 155 kb/d m-o-m to reach an average of 1.11 mb/d. ... [more]

SOUTH KOREA’S COAL IMPORTS RISE IN MARCH 29-04-2010
Rising power demand due to a recovering economy and cold weather helped lift South Korea’s imports of coal (including anthracite) to an 8-month high of 9.8 Mt in March, according to Korea Customs Statistics. Consequently 1q10 imports were 28 Mt, up 4 Mt on the same quarter last year. Over this period shipments from Indonesia jumped from 5.9 Mt to 10.4 Mt, while imports from Australia dropped by ... [more]

28-04-2010
In its latest summary of weekly petroleum data, the EIA reveals that crude inputs at US refineries averaged 14.96 mb/d last week, their highest level since September last year. The increase ensured that the country’s refineries were operating at 89.0% of total capacity. Nevertheless, crude stocks increased by 1.9 Mbbl to reach 357.8 Mbbl by the end of the week. Crude imports remained relatively ... [more]

WORLD HRB STEEL PRICES HIT AN 18-MONTH HIGH 28-04-2010
World Steel Dynamics’ SteelBenchmarker puts world export prices for hot rolled band at $718/t in end-April, up $212/t on levels in end-November 2009, representing the highest level since October 2008. Significantly, however, China’s HRB price remained at the same level from early April of $574. Most of the monthly rises came from outside China, the EU (+12% or $81/t to $742/t) and the USA (+6% or ... [more]

US STEEL IMPORTS RISE 28-04-2010
US steel imports in March stood above 1 Mt for seven consecutive months, up by 29% from the previous month to 1.8 Mt. This marks the highest level since January 2009, according to the American Iron and Steel Institute (AISI). ... [more]

MIDDLE EAST CONTINUES TO DOMINATE SOUTH KOREAN CRUDE IMPORTS IN MARCH 27-04-2010
The latest data from Korea National Oil Corp. reveals that the Middle East accounted for 1.79 mb/d of South Korea’s 2.16 mb/d March crude imports, a 16.6% increase from the same month in 2009, Energy Intel reports. Saudi Arabia remains the country’s primary supplier, providing 613 kb/d last month, a 38.8% increase year-on-year. Next comes Kuwait, which supplied 299 kb/d in March, up 112.1% from a ... [more]

MEXICAN CRUDE PRODUCTION STABILISES IN 1Q10 27-04-2010
Mexican crude output averaged 2.607 mb/d, up slightly from the 2.602 mb/d produced during 2009 as a whole. The stabilisation has been attributed to increased production at the Ku-Maloob-Zaap field. Pemex, the state oil firm, anticipates production to average 2.601 mb/d in 2010. ... [more]

JAPAN’S IRON ORE IMPORTS SURGE TO A 17-MONTH HIGH 27-04-2010
Iron ore imports in Japan rose by 2.18 Mt (+22%) month-on-month to 11.87 Mt in March, the highest monthly volume since October 2008, and more than double the year-ago level, according to the provisional data from the Japanese Ministry of Finance. As a result, iron ore imports in the Japanese fiscal year 2009/10 (April 09- March 10) were 115.2 Mt compared with 128.5 Mt in the previous year. ... [more]

ANGOLA PRIMARY SOURCE OF CHINESE CRUDE IMPORTS IN MARCH 26-04-2010
Angola overtook Saudi Arabia as China’s primary source of crude oil in March as an average of 1.08 mb/d was imported from the West African country. This represents a 98.7% increase year-on-year. Imports from Saudi Arabia still managed to increase by 29.2% y-o-y to 761 kb/d as China’s overall crude imports reached an average of 4.98 mb/d last month, the second highest level on record. There were ... [more]

IRAQI MARCH EXPORTS DOWN 11% MONTH-ON-MONTH 23-04-2010
Iraqi crude exports averaged 1.84 mb/d in March, down by 11% from the 2.07 mb/d exported the month before, Associated Press reports. The country’s oil ministry cited bad weather as the reason for the decline. An average of 1.42 mb/d was shipped through the Middle East Gulf, with the remaining 0.42 mb/d exported via the Turkish port of Ceyhan. ... [more]

SOUTH KOREAN MARCH CRUDE IMPORTS UP YEAR-ON-YEAR 22-04-2010
March saw South Korean crude imports average 2.15 mb/d, a 160 kb/d, or 8.2%, increase from the same month in 2009, Reuters reports. The year-on-year increase follows two successive months of decline, although January and February 2009 saw refiners import particularly high volumes in anticipation of tariff increases. Despite the rise in imports, refinery runs in March were down 8.8% to an average ... [more]

US WEEKLY DATA: CRUDE STOCKS GROW WITH INCREASED IMPORTS AND STABLE REFINERY RUNS 21-04-2010
In its latest summary of weekly petroleum data, the EIA reports a build in crude inventories of 1.9 Mbbl last week, leaving stocks at 355.9 Mbbl. Imports of crude increased by 733 kb/d over the same period to an average of 9.61 Mb/d, whilst refinery runs were down by 135 kb/d to 14.68 Mb/d. Refinery utilisation was at 85.9% of total capacity, a slight increase of 0.3% from a week earlier. Stocks ... [more]

WORLD STEEL PRODUCTION 20-04-2010
According to the World Steel Association, global steel output totalled 120.4 Mt in March, up by 31% year-on-year, representing the highest monthly total since May 2008. Annual production increases were seen in the US (+73% y-o-y to 6.9 Mt), the EU (+49% to 15.3 Mt) and Japan (+63% to 9.3 Mt). Chinese mills produced a monthly record of 55 Mt (22%). The March production totals bring world ... [more]

CHINESE MARCH CRUDE RUNS UP 17.7% YEAR-ON-YEAR 19-04-2010
Crude oil inputs at China’s refineries averaged 8.17 mb/d in March, a 17.7% increase from a year earlier, Dow Jones reports. March’s volumes were down from February’s record runs of 8.35 mb/d, but the government’s decision last week to raise domestic gasoline and diesel prices could well encourage refiners to ramp up throughputs once again. Refinery runs during 1q10, at approximately 8.18 mb/d, ... [more]

CHINA’S STEEL EXPORTS 19-04-2010
China’s steel exports rose by 0.84 Mt (+34%) month-on-month to a year-to-date high of 3.33 Mt in March, almost double the year-ago level, according to customs statistics. Consequently, steel exports in the 1q10 climbed to 8.7 Mt. Although up 71% year-on-year, the 1q10 export total is still 0.2 Mt below the previous quarter. ... [more]

CPC BLEND EXPORTS UP IN MAY 16-04-2010
May exports of CPC Blend from Novorossiysk are set to average 755 kb/d, an increase of 12% from this month’s scheduled loadings, Argus reports. May will see the highest level of exports since January on the back of increased output from the Tengiz field, the crude from which forms the main component of the blend. ... [more]

BTC BLEND EXPORTS SET TO HIT HIGHEST LEVEL SO FAR THIS YEAR 16-04-2010
BTC Blend exports are expected to average 882.3 kb/d next month, the highest level so far this year and up 34% from this month’s scheduled loadings. ... [more]

CHINA’S WIRE ROD STEEL PRICES CONTINUE TO RISE 16-04-2010
Surging coal and iron ore prices have helped push China’s steel price (wire rod) higher for the sixth consecutive weeks. The price has risen up by $13/t week-on-week to a year-to-date high of $648/t, representing the highest level since October 2008, according to World Steel Dynamics. ... [more]

CHINA’S CRUDE STEEL OUTPUT IN 1Q10 HIT A RECORD 15-04-2010
China’s crude steel production rose by 23% year-on-year to a monthly all-time high of 54.97 Mt in March, according to latest data from the National Bureau of Statistics. As a result the 1q10 output total also reached a new record of 158 Mt, an increase of 25% year-on-year. ... [more]

WORLD STEEL PRICES CONTINUE TO RISE 14-04-2010
The world export price for hot rolled band rose by 10% from end-March to $696/t, according to World Steel Dynamics’ SteelBenchmarker, the highest level since October 2008. This has coincided with the increase in new quarterly contract prices for iron ore and coking coal. Most of April’s increase was in China, up by $47/t (+9%) to a 19-month high of $573/t in contrast to the USA (+3% to $748/t). ... [more]

US WEEKLY DATA: CRUDE STOCKS DROP AS REFINERY UTILISATION INCREASES 14-04-2010
In its latest summary of weekly petroleum data, the EIA reports a 2.2 Mbbl week-on-week drop in US crude inventories to 354 Mbbl, as crude runs reached 14.81 Mb/d, a 209 kbpd rise from the week before. Refineries operated at 85.6% of total operable capacity, 1.2% up on a week earlier. However, crude imports fell by 681 kbpd to 8.88 Mbpd. Mogas stocks fell by 800 kbbl to 79.8 Mbbl, as imports ... [more]

INDIAN IRON ORE PRICE RETURNS TO MARCH 2008 HIGH 13-04-2010
The spot FOB price of Indian iron ore has returned to levels last seen in March 2008, according to data from U-metal. The FOB price for iron ore with Fe-content of 63.5% rose by $12/t week-on-week to $150/t at the end of last week, the fourth consecutive monthly increase. This took the delivered price in China to $175/t. ... [more]

NEW BANK LOANS IN CHINA 13-04-2010
China’s new bank lending fell for the second consecutive month to 510.7 billion yuan in March, compared with 700 billion yuan in the pevious month, according to the People’s Bank of China. This brought nw lending in the 1q10 to 2.6 trillion yuan in the 1q10. China’s government has targeted an annual total of 7.5 trillion yuan, following last year’s massive 9.6 trillion yuan. ... [more]

IEA FORECAST FOR 2010 GLOBAL OIL DEMAND &REFINERY RUNS REVISED UP 13-04-2010
In its latest Oil Market Report, the International Energy Agency has revised up its estimate for global oil demand in 2010 by 30 kb/d to 86.6 mb/d. Estimated demand during last year has been revised down by 70 kb/d to an average of 84.9 mb/d. Global oil supply in March decreased by 220 kb/d from a month earlier, and averaged 86.6 mb/d. Reduced Iraqi output lowered OPEC production by 190 kb/d to ... [more]

MARCH IRON ORE IMPORTS INTO CHINA 12-04-2010
Iron ore imports into China reached 59.0 Mt in March, according to preliminary customs data. As a result the 1q10 import total climbed to 155.0 Mt. Although this marks an 18%-jump from the same quarter last year, the 1q total falls well short of the all-time high of 172.3 Mt recorded in the 3q09. ... [more]

MARCH CHINESE CRUDE IMPORTS APPROACH RECORD 12-04-2010
The latest data from Chinese Customs reveals that the country’s crude imports hit their second-highest monthly level on record at 4.99 mb/d in March, having risen 28.9% y-o-y. Levels are expected to rise further in April following the completion of refinery maintenance work, with refiners planning to raise crude throughput to meet rising domestic fuel demand while awaiting the first fuel price ... [more]

CANADA REMAINS PRIMARY SOURCE OF US CRUDE IMPORTS, WESTERN HEMISPHERE DOMINATES 09-04-2010
The USA imported 8.45 Mbpd of crude oil in January, down from 9.84 Mbpd a year earlier, Energy Intel reports. Canada provided 1.88 Mbpd, ensuring that it remains the country’s leading source. Mexico came in second with exports averaging 1.03 Mbpd. Latin America as a whole provided 2.7 Mbpd, 33% of the total. Imports from Saudi Arabia declined 28% year on year to an average of 951 kbpd, whilst ... [more]

RICHARDS BAY COAL EXPORTS IN MARCH RISE TO A 5-MONTH HIGH 08-04-2010
Coal exports from the Richards Bay Coal Terminal rose by 0.7 Mt (+15%) month-on-month to a 5-month high of 5.7 Mt in March. Although 1q10 exports of 15.5 Mt were up 9% year-on-year, the quarterly total fell significantly short of the 17.9 Mt exported in the 4q09. ... [more]

MARCH SEES INCREASE IN PORT HEDLAND IRON ORE SHIPMENTS 08-04-2010
Iron ore shipments from Port Hedland rose by 13% month-on-month to 14.8 Mt in March, not far below January’s monthly record of 15.1 Mt, official data showed. Most of the increase came from shipments to South Korea. Shipments to South Korea rose by 0.9 Mt (+64% month-on-month) from the previous month to 2.3 Mt, the highest level since September 2008. China was the main export destination, ... [more]

GLOBAL OIL DEMAND STABLE IN MARCH, BUT SUPPLY CONTINUES TO GROW 08-04-2010
March saw global oil demand averaging 86.37 Mbpd, just a 90 kbpd increase from a month earlier but a healthy 1.73 Mbpd build from a year earlier, reports Energy Intel. Global supply, however, grew by 350 kbpd from February, and by 2.4 Mbpd year on year, to reach an average of 86.74 Mbpd in March. Non-OECD demand averaged 40.42 Mbpd in March, a hefty 5.1% increase from the same month in 2009, but ... [more]

US WEEKLY DATA: CRUDE STOCKS AND REFINERY UTILISATION RISE AS IMPORTS INCREASE 07-04-2010
Last week saw US refineries operating at 84.5% of capacity, as inputs of crude oil increased by 370 kbpd to an average of 14.60 Mbpd, according to the latest data from the EIA. Crude inventories continued to grow, and totalled 356.2 Mbbl by the end of the week: a 2.0 Mbbl increase from the week before. Imports of crude oil reached an average of 9.56 Mbpd, a 501 kbpd rise from a week earlier. ... [more]

FEBRUARY SEES SIGNIFICANT DECLINE IN JAPANESE CRUDE IMPORTS 06-04-2010
Japan imported 3.76 mbpd of crude oil in February, a 14.5% decrease year on year, and down 8% from January, Energy Intel reports. Imports from the Middle East declined by 15.9% from a year earlier, with volumes arriving at an average rate of 3.3 Mbpd. Supplies from Saudi Arabia and the UAE dived by 23.8% and 21.4% to 962 kbpd and 721 kbpd respectively, overshadowing significant year on year ... [more]

RUSSIAN CRUDE SHIPMENTS SET TO RISE IN APRIL 01-04-2010
Despite the introduction of higher duties this month, Russian crude shipments by sea are due to increase by 8% compared to March’s initial loading schedule, and will average 2.98 Mbpd, Energy Intel reports. However, March’s actual seaborne exports were significantly higher than initially scheduled, meaning that this month’s planned loadings point towards a more modest 2% month on month increase. ... [more]

US WEEKLY GRAIN EXPORTS 01-04-2010
According to the US Department of Agriculture (USDA), US wheat exports rose by 0.24 Mt week-on-week to 0.69 Mt, the highest weekly export volume since October 2008. US soyabean weekly exports rose above 1.0 Mt, ending four weeks of declines. Meanwhile, US corn weekly exports have increased for the third consecutive week to 1.2 Mt, the highest level since mid-Feb. ... [more]

US WEEKLY DATA: REFINERY UTILISATION UP, CRUDE STOCKS RISE AGAIN 31-03-2010
According to data from the latest summary of weekly petroleum data from the US Department of Energy, crude inputs at the country’s refineries increased by 192 kbpd from the week before to leave throughputs averaging 14.23 Mbpd. Refineries were operating at 82.6% of total capacity, the highest level since October last year. Crude oil inventories totalled 354.2 Mbbl last week, a build of 2.9 Mbbl ... [more]

JAPANESE INDUSTRIAL OUTPUT FALLS IN FEBRUARY 31-03-2010
According to government data, Japan’s industrial production fell by 0.9% month-on-month in February, following strong growth in January, representing a decline for the first time over the past year. However, compared with a year ago, February industrial output was up by 31.3%. ... [more]

FIRST ESPO BLEND TERM BUYERS EMERGE, EXPORTS SET TO RISE IN 2Q10 30-03-2010
In deals representing the first term contracts for ESPO Blend, Trafigura and Mitsubishi have both signed contracts with TNK-BP that will see them each take one cargo per month for a period of six months, reports Argus. Trafigura will take its first cargo from Kozmino on 18-19 April, with Mitusbishi due to load their cargo on 27-28 April. The deals come on the back of the news that total exports ... [more]

IRON ORE CONTRACT PRICES 30-03-2010
BHP Billiton today announced that it had reached agreement with a significant number of customers throughout Asia to move existing iron ore contracts that were previously priced annually onto a short term landed price equivalent basis. According to several news agencies, the top two iron ore miners have agreed quarterly prices with Japanese steel companies that would raise FOB prices by 90% ... [more]

NORTH AMERICAN LONG-HAUL IMPORTS UP IN MARCH 29-03-2010
March has seen westbound Middle East crude liftings reach their highest levels in more than a year, Argus reports. This, coupled with an increase in west African exports to the US, has resulted in north American long-haul imports averaging 5.5 Mbpd, a 200 kbpd increase from January’s volumes, with an extra 500 kbpd expected to arrive during April. Nevertheless, recent stock builds and continuing ... [more]

INDIAN IRON ORE PRICE 29-03-2010
Indian iron ore FOB prices for 63.5% Fe content have risen $5/t week-on-week to $130/t. This takes the delivered price into China to a 19-month high of $155/t at the end of last week, standing above $100/t over the past five concesutive months, according to data from U-Metal. ... [more]

SOUTH KOREAN CRUDE IMPORTS DOWN IN FEBRUARY 26-03-2010
February saw South Korea import an average of 2.34 Mbpd of crude oil, a 12.3% decline from the same month last year, reports Energy Intelligence. Saudi Arabia remains the country’s primary source of crude, however February’s average imports from this source of 819 kbpd represent a 4.1% fall year on year. Imports from Kuwait, the republic’s second largest source of oil, were down 18.8% to 307 ... [more]

STEEP INCREASE IN VOLUMES OF ANGOLAN AND IRAQI CRUDE HEADING TO CHINA 26-03-2010
Last month saw Chinese crude imports increase 58% year on year to an average of 4.85 Mbpd. Imports from Saudi Arabia, its primary source, averaged 948 kbpd, a 13.5% increase from a year earlier. Angolan exports to the country jumped by 103% to 672 kbpd, ensuring that the west African nation is China’s second largest provider of oil. With its output increasing, Iraq has been able to provide 249 ... [more]

CHINESE WIRE ROD PRICES CONTINUE TO RISE 26-03-2010
The price of Chinese wire rod has risen for the third consecutive week, up by $25/t week-on-week to $608/t at the end of this week, standing above $600/t for the first time since August 2009. This is still below $629/t the 2009 high set in early August. ... [more]

IGC GRAIN REPORT 26-03-2010
The latest International Grains Council grain trade forecast for 2009/2010 (July-June) of 230.8 Mt compares with an estimate of 248.3 Mt for the previous crop year. The total forecast export volume from the five major exporting countries has fallen to 153.3 Mt for this marketing year from 169.5 Mt a year earlier, down by 2.5 Mt from the previous forecast last month. Annual declines in ... [more]

UNIT SHUTDOWNS SLOW INDIAN REFINERY OUTPUT GROWTH IN FEBRUARY 25-03-2010
Indian refinery inputs averaged 3.39 Mbpd in February, with output growing 0.8% year on year in, the slowest rate of growth since July, Reuters reports. The slowing of production has been attributed to a number of maintenance shutdowns at state-run refineries which, last month, processed 2.5% less crude year on year. Having significantly increased capacity over the last year, Reliance increased ... [more]

CHINA’S IRON ORE IMPORTS BY SOURCE 25-03-2010
According to data from U-Metal, China’s iron ore imports from Australia grew by 3% month-on-month and a similar annual increase to 20.56 Mt in February. In contrast, imports from India marked both monthly and yearly declines to a 3-month low of 9.88 Mt in the same month. Imports from Brazil were down by 16% year-on-year to 8.97 Mt in February. ... [more]

WORLD STEEL PRICES BACK TO OCTOBER 2008 LEVELS 24-03-2010
The world export price for hot rolled band has risen for the fourth straight month, up by 7% month-on-month to $635/t, according to World Steel Dynamics’ SteelBenchmarker. This represents the highest level since October 2008. The biggest monthly increase was seen in China, with prices up by 11% to $526/t. That was followed by the EU (+10% to $661/t) and the USA (+9% to $730/t). ... [more]

US WEEKLY DATA: BIG JUMP IN CRUDE STOCKS, PRODUCT INVENTORIES DOWN 24-03-2010
The latest summary of weekly petroleum data from the US Energy Information Administration shows crude oil inventories at the end of last week of 351.3 Mbbl, a build of 7.3 Mbbl from the week before. Average crude imports increased from 8.43 Mbpd to 9.40 Mbpd over the same period. Mogas inventories fell by 2.7 Mbbl to 224.6 Mbbl, whilst distillate stocks totalled 145.7 Mbbl, a fall of 2.4 Mbbl. ... [more]

RUSSIAN PRODUCT EXPORTS FALL IN FEBRUARY 23-03-2010
Russian product exports totalled 7.9 Mn t in February, a decline of 3.7% on an average daily basis from the month before, Argus reports. Gasoline exports totalled just 329 kt, a 45.5% fall from January’s volumes, whilst naphtha shipments were down 23.4% to 738 kt. Gasoil exports saw a less dramatic 1.7% decrease and totalled 1.9 Mn t, and fuel oil loadings totalled 3.85 Mn t, a 1.1% increase from ... [more]

INDIA’S IRON ORE SPOT PRICE 23-03-2010
Indian iron ore FOB prices for 63.5% Fe content have risen by $7/t week-on-week to the year-to-date high of $125/t. This takes the delivered price into China to $150/t, representing the highest levelsince end-August 2008, according to data from U-Metal. ... [more]

CHINA RETURNS TO NET PRODUCT IMPORTER STATUS IN FEBRUARY 22-03-2010
February saw Chinese exports of gasoline and diesel decline rapidly from both the month before and recent peaks, meaning that the country returns to being a net fuel importer, Reuters reports. Exports of gasoline totalled 210.8 Kt (approximately 25.14 kbpd) in February, a 28% drop year on year and down from 600.5 Kt (approx. 71.61 kbpd) the month before. Diesel exports fell by 11.8% year on year ... [more]

WORLD CRUDE STEEL PRODUCTION 22-03-2010
February world crude steel production rose by 24% year-on-year to 107.5 Mt, according to data from the World Steel Association. However, this was almost 6 Mt lower than the 109 Mt produced in January. Most of the annual increase was registered in mature economies - Japan (+54% to 8.4 Mt), the USA (+51% to 6 Mt) and the EU (+29% to 13.4Mt). Top producer China was up by 23% year-on-year to 50.4 Mt, ... [more]

CPC BLEND EXPORTS SET TO RISE IN APRIL 19-03-2010
CPC Blend Exports Set to Rise In AprilExports of CPC Blend from the Black Sea port of Novorossiysk are scheduled to average 676 kbpd next month, a slight increase of 7 kbpd from the planned shipments this month, Argus reports. Recent production at the Tengiz fields, the oil from which is the main component of CPC blend, and the current lack of Tengiz exports through the BTC pipeline are cited ... [more]

JAPAN’S CRUDE STEEL PRODUCTION 18-03-2010
Japan’s crude steel production fell for the second consecutive month in February, down by 3.3% month-on-month to 8.44 Mt, according to the Japan Iron and Steel Federation. However, this represents a massive 54% year-on-year increase compared with a 40-year low of 5.48 Mt in the same month last year when output collapsed during the recession. February’s total marks the seventh straight ... [more]

SPRING SEES EUROPEAN REFINERS RAMP UP MAINTENANCE 18-03-2010
The coming weeks will see European refiners increase maintenance shutdowns, with 1.24 Mbpd and 1.01 Mbpd of capacity set to be taken off line this month and next, Argus reports. Depressed demand has led to poor margins for the continent’s refiners over the last year, with many refineries running at not much more than 80% of capacity. Refiners in Northwest Europe have endured the worst of the ... [more]

US WEEKLY DATA: LITTLE CHANGE IN REFINERY ACTIVITY, SIGNIFICANT DROP IN MOGAS IMPORTS 17-03-2010
The latest data from the US EIA show that, last week, crude inputs at the country’s refineries averaged 13.94 Mbpd, an almost identical rate to the week before, resulting in a barely changed total utilisation rate of 80.6%. Whilst crude imports fell very slightly to 8.43 Mbpd, a week on week drop of 64 kbpd, stocks increased by 1.0 Mbbl to 344 Mbbl. Mogas stocks fell by 1.7 Mbbl, to 227.3 Mbbl, ... [more]

WORLD BANK REVISES CHINESE ECONOMY FORECAST UP 17-03-2010
The World Bank now forecasts the Chinese economy to grow by 9.5% in 2010, an upward revision of 0.8% from its last report. ... [more]

UK IRON ORE IMPORTS 17-03-2010
Iron ore imports into the UK in January fell for the second straight month, down by 0.23 Mt month-on-month to 1.05 Mt, trade data show. However, this represents a 0.89 Mt increase year-on-year. Such robust annual growth is a reflection of the slowdown in the same month last year, when the world economy was probing the depths of the financial crisis. ... [more]

CHINA’S ECONOMY TO GROW BY 9.5% IN 2010 17-03-2010
According to the latest China Quarterly Update from the World Bank, China’s economy will expand by 9.5% in 2010 due to a recovery in exports and solid domestic consumption. This projection is higher than the bank’s previous forcast of 8.7% set last November and the 8% target set in the 2010 government work report delivered by Premier Wen Jiabao earlier this month. ... [more]

CHINESE STEEL PRICES SURGE TO A 7-MONTH HIGH 16-03-2010
The price of Chinese wire rod rose by $20/t week-on-week to a year-to-date high of $568/t at the end of last week, representing the highest level over the past seven months. However, this was still $61/t (-10%) below the 2009 high of $629/t set in August 2009. ... [more]

SPRING TO SEE HEAVY ASIAN REFINERY MAINTENANCE 16-03-2010
Upgrades to refineries in the Middle East Gulf and India in the coming months account for a heavy Asian spring maintenance programme, reports Argus. The Indian modifications have been prompted by new emission standards across many of the country’s major cities that will require the production of cleaner fuel. However, elsewhere on the continent, Chinese maintenance over the spring will be ... [more]

OPEC 2010 GLOBAL OIL DEMAND FORECAST REVISED UPWARDS 15-03-2010
In its latest Monthly Oil Market Report, OPEC anticipates that world oil demand in 2010 will increase by 0.9 Mbpd, an upward revision of 0.1 Mbpd from the organisation’s previous assessment. Global growth is projected to originate exclusively from non-OECD nations, where oil demand for the year is expected to grow by 1.0 Mbpd. OECD demand is forecast to decline by 0.15 Mbpd over the same period. ... [more]

FEBRUARY SEES DECREASE IN PORT HEDLAND IRON ORE SHIPMENTS 12-03-2010
Iron ore shipments from Port Hedland in West Australia fell by 2 Mt from one month earlier to 13.05 Mt in February, official port data showed. Most of the decrease came from China. Shipments to China in February fell by 2.31 Mt from January to 8.23 Mt, the lowest level since February 2009. However, exports to Japan and South Korea in the same month were up slightly from one month ago, at 1.94 Mt ... [more]

IEA GLOBAL OIL DEMAND FORECAST REVISED UPWARDS ON NON-OECD DATA 12-03-2010
In its latest Oil Market Report, the International Energy Agency sees global oil demand averaging 86.6 Mbpd in 2010, a 70 kbpd upward revision from its February forecast. The revision comes on the back of higher-than-anticipated non-OECD economic data, though the lack of any significant OECD recovery at this stage prevents the forecasting of a greater rise. Non-OPEC supply for the year is ... [more]

CHINA’S CRUDE STEEL PRODUCTION 11-03-2010
According to the National Bureau of Statistics (NBS), China’s crude steel output in the first two months of the year totalled 102.89 Mt, up by 25.4% year-on-year. Based on this figure, February ’s steel output fell by 4% month-on-month, mainly due to the one-week public holiday in China. However, this still represents a 22.5% increaseyear-on-year. ... [more]

NORTH SEA LOADINGS RISE WITH PRODUCTION IN MARCH 11-03-2010
Collective loadings of the four crudes that underlie dated Brent are scheduled to total 41.07 Mbbl in March, up 4.11 Mbbl from last month’s 36.96 Mbbl programme, Energy Intel reports. Whilst the extra days in March are a significant reason behind the increase, a rise in the rate of production compared to February is worthy of note. Output in the eight major crude systems of the UK and ... [more]

US WEEKLY DATA: DISTILLATE STOCKS & IMPORTS DOWN AS SEASONAL DRAWDOWN BEGINS 10-03-2010
The latest Summary of Weekly Petroleum Data from the US Dept. of Energy reveals that, at the end of last week, distillate inventories totalled 149.6 Mbbl, a 2.2 Mbbl fall from the week before. Imports also fell significantly over the same period - from 354 kbpd to 130 kbpd. Mogas stocks were down 2.9 Mbbl to a total of 229 Mbbl, whilst imports rose slightly from 775 kbpd to 806 kbpd. Refinery ... [more]

CHINESE CRUDE IMPORTS SURGE IN FEBRUARY 10-03-2010
China’s crude imports surged 58% y-o-y in February to 4.85 mb/d, thesecond highest daily tally on record, according to the latest datafrom China Customs. Volumes were up 20% from January despite the NewYear holiday. Product imports were down 14% on the year at 758 kb/d,despite rising 26% from January. ... [more]

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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