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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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Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
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- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
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