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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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Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
Wednesday, 25 March 20
MARKET INSIGHT - INTERMODAL
There is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing chal ...
Wednesday, 25 March 20
INDONESIA TO CANCEL RULES REQUIRING DOMESTIC SHIPS FOR COAL, PALM EXPORTS : REFINITIV
Indonesia's government will revoke rules requiring exporters of coal and palm oil to use domestic shipping companies for shipments, Coordinatin ...
Wednesday, 25 March 20
JAN-FEB 2020, INDONESIA SHIPPED 64.5 MLN TONNES OF COAL, UP +3.4% YOY - BANCHERO COSTA
In the 12 months of calendar 2019, Indonesia exported 386.4 mln tonnes of coal, according to vessel tracking data from Refinitiv. This represents a ...
Tuesday, 24 March 20
MARKET ANALYSIS - ALLIED
As countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only ...
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- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
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