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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, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
Friday, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
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- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Planning Commission, India
- White Energy Company Limited
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
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