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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, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
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- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
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