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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, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
Friday, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
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- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
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