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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Planning Commission, India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
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