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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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Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
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