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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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Thursday, 16 April 20
CHINA'S BENCHMARK POWER COAL PRICE FALLS 5 YUAN PER TONNE - XINHUA
China’s benchmark power coal price fell by 5 yuan (about 70 U.S. cents) per tonne during the past week.
The Bohai-Rim Steam-Co ...
Thursday, 16 April 20
MARKET INSIGHT - INTERMODAL
As everyone anticipated the results of the OPEC + G20 meeting last week, it was very interesting to watch the reaction of tanker rates that were in ...
Monday, 13 April 20
SUPRAMAX: A 56,000DWT SHIP WAS FIXED DELIVERY PARADIP, REDELIVERY CHINA, AT $4,700 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Saturday, 11 April 20
FAQ: COVID-19 AND CLUB COVER - UK P&I
KNOWLEDGE TO ELEVATE
The Coronavirus (COVID-19) pandemic has generated a significant number of enquiries and questions from Members in recent ...
Saturday, 11 April 20
KOEN POWER PLANTS INVITED BIDS FOR 1.5 -1.62 MMT OF STEAM COAL
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,500,000-1,620,000 Metric Tons (M ...
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Showing 1016 to 1020 news of total 6871 |
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- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- MS Steel International - UAE
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
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