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Asian Petroleum Review : Jan-March 2011
1 CONTENTS Editor's Note China tries to make old king coal a merrier soul China is gripped in the embrace of King Coal, despite labour worries, green woes. China's search for "clean coal" China's long love affair with coal Indonesia struggles to hold down oil imports Indonesia's crude imports will keep rising over the next few years as its economy rebounds and a delay in getting peak output from the giant Cepu field defeats efforts to cut dependence on overseas crude. Global oil glut burns off as demand recovers U.S. stockpiles are falling at their fastest in more than a decade this autumn, crude is being whisked ashore from storage at sea, and China is running refineries near full bore to replenish diesel supplies. Next use for gas in China: Trucks and trawlers Aghast at soaring fuel bills, transport operators are thrilled by plans to switch to cleaner, cheaper natural gas. In coal lockdown, China creates diesel snafu Almost every winter, China's energy market suffers a new variant of the same no-win situation as state controls exacerbate supply shortages. Singapore's chemical ambitions face Chinese threat Singapore's goal of ruling Asia's expanding specialty chemicals market will be challenged with China set to boost capacity and reduce imports. Australia labour woes to fuel LNG project costs Australia's expanding liquefied natural gas industry could face larger labour cost blowouts as new projects struggle to fill thousands of jobs from a heavily-unionised workforce. Debuting oil swaps, options set stage for Oman as benchmark DME Trade in six new Oman crude-related swaps and options contracts reached a phenomenal volume equivalent to about 750,000 barrels in their first two days . SocGen sees Asia commods hedging growth,margin squeeze The commodities and energy sector is on the cusp of a multi-year boom in investment flows and hedging activity is set to surge but margins will remain thin as competition escalates, SocGen official says. U.S. CFTC "position points" lack bite of hard limits Big speculators could face curbs on wheeling and dealing in commodity markets after the U.S. futures regulator advanced a plan to cap large positions. Rising oil price adds to Asia inflation headaches Rising oil prices further complicate the task of policymakers grappling with broader price pressures, an uneven growth outlook and surging dollar inflows. Airlines bet oil will correct; stay away from hedging Top global airlines are staying away from further hedging jet fuel purchases that make up a third of their costs. Midwest storage squeeze pressures WTI, says John Kemp Near-record inventories at Cushing and across the rest of the Midwest are again driving a wedge between U.S. oil futures and Brent futures. TECHNICALS-Crude may correct to $83.85 in Q1 TECHNICALS New York RBOB gasoline to retrace to $2.2213 in 3 mths TECHNICALS-U.S. heating oil to retrace $2.3350 in 3 months Thomson Reuters Asia Petroleum Review 03 05 10 12 13 16 19 21 24 26 28 29 31 33 35 37 39 40 41