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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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Tuesday, 24 March 20
THE TRIPLE SHOCK OF CORONAVIRUS IN SHIPPING: WILL IT LAST? - DREWRY
Transport capacity shortages, disruptions to supply chains and inability to plan since late January have been a dangerous combination. But will all ...
Tuesday, 24 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.28 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.74 points Monday, down 0.28 percent week on week.
The index, released by Chi ...
Monday, 23 March 20
CHARTERPARTY REQUIREMENTS TO NOTIFY CLAIMS - TAKE CARE! - WFW
KNOWLEDGE TO ELEVATE
Voyage charterparties frequently require the owner to notify any claim with supporting documents within a relatively shor ...
Monday, 23 March 20
COAL INDIA LIMITED'S ONE-DAY OUTPUT PEAKS AT 3.17 MT - THE HINDU
Coal India Limited (CIL) output peaked at a new high of 3.17 million tonnes (MT) on March 20, overtaking the 3.14 MT production recorded on March 2 ...
Monday, 23 March 20
KOMIPO INVITED BIDS FOR 1.45 MILLION TONS OF COAL FOR JUNE & JULY 2020 LOADING
COALspot.com: Korea Midland Power Co.,Ltd (KOMIPO), on behalf of five Korean Gencos, has issued an international tender for total 1,450,000 MT (&pl ...
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- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- New Zealand Coal & Carbon
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