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Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Intermediate crude oil, the U.S. benchmark, fell by more than 10 percent Wednesday to near $24 a barrel, a level last seen in April 2002.
“Oil prices can go negative,” wrote Paul Sankey, managing director at Mizuho Securities.
The COVID-19 pandemic has brought the U.S. and global economy to a standstill by prompting “shelter in place” orders, social distancing between people and the cancellation of non-essential travel. The sharp slowdown in economic activity has curtailed the need for oil.
If that weren’t enough, Saudi Arabia recently slashed oil prices and raised output after Russia refused to join OPEC in deepening production cuts.
Oil is a 100 million barrel-per-day market, but Sankey says it’s possible that the economic fallout from the pandemic could zap demand, creating a 20 million barrel-per-day surplus.
He says the “physical reality” of the market is that oil is pumped out of the ground and has to be consumed or stored. When the cost of storage goes high enough — or space runs out — companies might pay customers to take it.
For now, President Trump has ordered the Department of Energy to take advantage of low prices by stepping into the market and buying oil for the Strategic Petroleum Reserve.
The reserve can build at 2 million barrels per day, meaning that it has four months until it’s at capacity, Sankey said.
By then, he added, high-cost oil from the Bakken shale formation in the U.S. or bitumen from the Canadian oil sands, “prices negatively because it exceeds needs” and requires storage, Sankey wrote. “Negative prices are simply a higher cost of storage than market.”
Sankey isn’t the only one on Wall Street who is sounding the alarm about the coming flood of oil.
Excess supply from OPEC and Russia, coupled with crumbling demand “are leading to concerns about a surplus that could overwhelm global storage,” wrote Francisco Blanch, a commodity strategist at Bank of America.
He warns the demand destruction caused by COVID-19 and the price war between Saudi Arabia and Russia could cause inventories to swell by 900 million barrels in the second quarter alone. He estimates the world currently has about 1.5 billion barrels of available storage.
Blanch’s worst-case scenario isn’t as dire as Sankey’s.
“In a severe scenario, if the market struggles to find a home for surplus barrels, then oil prices might have to trade down into the teens,” he wrote.
Source: Fox Business
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Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
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- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- The University of Queensland
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Planning Commission, India
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
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